Buyers are stepping up their defenses. What will happen to bitcoin in the coming week

Buyers are stepping up their defenses. What will happen to bitcoin in the coming week

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Author: Robert Strickland (crypto-journalist)
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"Buyers are stepping up their defenses." What will happen to bitcoin in the coming week

The analyst gave a forecast of the bitcoin rate for the week from November 13 to November 19


The expert analyzed the situation on the market and told how it may change in the coming week

On Sunday, November 12, bitcoin (BTC) is trading at $37 thousand, its price has increased by 5.5% since the end of the previous week. The specialist analyzed the situation on the market and assessed the prospects of bitcoin rate movement for the next seven days.

BTC/USD
37 121 +96 (0,26%)

"The stars were favorable to buyers"
BitRiver Financial Analyst

Key events of the week of November 6-13:

The breakthrough of important resistance at $36k, which opened the way for buyers to further growth.
Growth of cryptocurrency market capitalization to a 16-month high ($1.473 trillion) amid the altcoin rally.
A spike in volatility on news of a potential launch of an ETF for Ethereum by BlackRock following the iShares Ethereum Trust filing.
Investor expectations for approval of applications to launch a bitcoin ETF in the U.S. in November, early January 2024.
During the week of November 6-13, the BTC/USDT pair showed positive dynamics and traded mostly above the $35k mark.
On November 6, the price closed at $35,046 after a slight increase of 0.1%. Bitcoin was in a sideways trend below the psychological level of $36 thousand.

On November 7, growth accelerated amid positivity in stock markets. Bitcoin ended the day at $35,399, failing to renew the annual maximum.

On November 8, the growth continued. The price recovered to $35,624.

November 9 was the most volatile day of the week. At the Asian session, buyers broke through the defense of sellers, rising to the level of $37,972, from which it corrected by 6%, falling to $35,600. The collapse of quotations was caused by the news about the application for the creation of Ethereum-ETF by BlackRock after the application for registration of iShares Ethereum Trust. On this news, investors began to actively buy "ether" against other currencies.

ETH/USD
2 047,3 -15,9 (-0,77%)

On November 10, buyers managed to defend the support at the level of $36 thousand. At the end of the day, bitcoin grew by 1.64%, ending the working week at $37,301.

The stars were favorable to the buyers. They successfully reached their goal within the given time window. Their objective was to test the $36,300 to $36,500 zone by November 9. The price reached the $37,972 mark.

Since the beginning of the week, bitcoin has risen in price by 5.57%. The key drivers of growth were expectations of approval of bitcoin-ETF applications in the U.S., as well as excitement around a potential Ethereum-ETF from BlackRock.

According to cyclical analysis, a corrective phase is due between November 9 and November 21. This does not necessarily mean a decline; the BTC/USDt pair may trade in a sideways trend within a limited price range. In the current situation, the main task of buyers during the correction period is to protect the $33 thousand level in order to resume the uptrend from November 21. However, if SEC approves applications for creation of several ETFs before November 21, the growth may start earlier.

Based on technical and volume analysis, buyers are strengthening their defenses at the $36,570, $36,000 and $34,000 levels. Since the price has been rising to almost $38,000, it is better for buyers to keep the rate down to $34,000. BitRiver estimates that the ideal range until Nov. 21 is $35,000-38,000.

Overall, the week was positive for the bulls. In case of positive news on SEC ETFs, the growth may accelerate with the potential to reach the levels of $42 th. and $45 th. by the end of the year. Despite the changes in world events over the past 4 years, bitcoin is repeating the moves seen before the halving.

Among the key events next week is the US inflation report, which will be released on November 14. The inflation rate is expected to be the same as in September. A decline in inflation is a positive signal for the crypto market and other risky assets.

 

 

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