Bitcoin Price Prediction As Bull Market Intensifies Network Activity, Can BTC Climbing Hit $50k Next?
The post Bitcoin Price Prediction As Bull Market Intensifies Network Activity, Can BTC Climbing Hit $50k Next? appeared on BitcoinEthereumNews.com.
Bitcoin upholds support at $36,000 but increasing network activity, especially in daily active addresses is an indication of a strong and healthy user base. Published 17 hours ago The bull market is still in progress, with Bitcoin (BTC) price up 25.5% since the breakout in October. The largest crypto rallied and retested resistance at $38,000 but as expected a correction followed possibly triggered by profit-booking activities. #BTC Bull Market Progress: ▓▓░░░░░░░░ 27.5%$BTC #Crypto #Bitcoin pic.twitter.com/rkc6hnWdaF — Rekt Capital (@rektcapital) November 16, 2023 Bitcoin currently trades at $36,532, down 0.6% in the last 24 hours. Traders are possibly waiting for signs of recovery or for BTC to fill their positions ahead of another breakout attempt. Price swings to $38,000 and back to $36,000 are proving profitable to traders. However, to medium-term to long-term investors, they are merely market doldrums or consolidation which could pave the way for gains above $40,000. Recommended for you: Dogecoin Price Skyrockets Eyeing $0.1 As Physical DOGE Heads To The Moon Bitcoin Price Holds Support At $36,000 As Bulls Eye $50,000 The Relative Strength Index (RSI) reveals that sellers have the upper hand amid a correction of the trend from highs in the overbought region at 87 to the current level at 62. If bulls fail to arrest the bearish situation by upholding support above $36,000, it would be difficult to rule out a longer retracement, likely to be occasioned by Bitcoin price seeking liquidity at lower levels. Bitcoin price prediction daily chart | Tradingview The fact that BTC price is trading within the confines of an ascending trendline, shows that bulls will have several opportunities to force their hand and keep the uptrend going. The middle boundary of the channel would be the first major encounter of a significant support area. This region has helped to uphold the uptrend…
Filed under: News - @ November 17, 2023 11:28 am