BTCUSD: November 9 Technical Analysis of BTC

The rise in Bitcoin (BTC) has paused at $36,000, but bulls are not in a hurry to cash in. The number of long-term holders (addresses holding Bitcoin for at least 155 days) is close to an all-time high, while the number of short-term holders (addresses holding coins for less than 155 days) is currently at an all-time low, according to Glassnode analysis, indicating that the supply of Bitcoin is getting tighter.

Although the long term appears promising, there may be difficulties in the near future. The open interest in the Bitcoin futures market has increased significantly, surpassing $16 billion as of this writing, based on statistics from CoinGlass. Contributor J.A. Maartunn of the on-chain analytics tool CryptoQuant emphasized on

While the price of Bitcoin could drop