Bitcoin's Price Trend Questioned as ETF Momentum Fades
Bitcoin price action raises questions about the upward trend as ETF momentum wanes. With buyer liquidity collected on November 9th at $39,149, the potential for a BTC reversal is significant. Leading indicators are present - decreasing volume, diminishing liquidity, bearish divergence, and more. Given these signals, if BTC undergoes a correction, it is likely to explore the following support zones:
Reasonable price range, extending from $32,833 to $30,299.
Weekly support level at $31,376.
Psychological level at $30,000 USD.
While a correction seems plausible, investors should note that any announcements regarding the approval of a Bitcoin ETF still have the potential to propel BTC higher. Therefore, bearish proponents must exercise extreme caution, as a sudden reversal could push Bitcoin beyond the $40,000 mark.
Reasonable price range, extending from $32,833 to $30,299.
Weekly support level at $31,376.
Psychological level at $30,000 USD.
While a correction seems plausible, investors should note that any announcements regarding the approval of a Bitcoin ETF still have the potential to propel BTC higher. Therefore, bearish proponents must exercise extreme caution, as a sudden reversal could push Bitcoin beyond the $40,000 mark.
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