Bitcoin, the leading cryptocurrency, experienced a correction in its price early on Tuesday, wiping out gains from the weekend and settling at the $36,400 level. The correction comes as BTC traders eagerly await the release of the US Consumer Price Index (CPI) data for October, recognizing the potential impact of macroeconomic factors on the cryptocurrency’s price trend.
Adding to the anticipation is the upcoming decision by the US Securities and Exchange Commission (SEC) on 12 spot Bitcoin Exchange-Traded Fund (ETF) applications. The SEC’s approval window for all BTC ETF applications opened on November 9 and extends until November 17, making it a crucial period for the cryptocurrency market.
Bitcoin Price Analysis & Predictions
As of now, Bitcoin is valued at $36,255.22, with a 24-hour trading volume reaching $18,932,390,360 USD, reflecting a 1.57% decline over the last 24 hours, according to CoinMarketcap.
In an X post, crypto analyst Titan of Crypto shared insights on Bitcoin’s current situation, posing the question: “Is Bitcoin Printing a Higher Low?” The analysis suggests that BTC is currently retesting the Tenkan level at $36.2k and seems to be forming a higher low. The continuation of an uptrend is contingent on Tenkan holding the price, with the possibility of a wick down to $35.4k while still closing the daily candle above Tenkan.
Applying Dow theory, which defines an uptrend as a scenario where each successive rally closes higher than the previous rally high, and each successive rally low also closes higher than the previous rally low, BTC is still considered to be in an uptrend at present.
According to Captain Faibik, a crypto analyst, if BTC remains within the 34-38k range for the next two months and initiates the Halving Rally by mid-February, there is potential for it to reach $50k by late March.
Coincodex’s current Bitcoin price prediction indicates a 30.05% increase, projecting a price of $47,462 by November 18, 2023. Technical indicators from Coincodex show a neutral sentiment, while the Fear & Greed Index registers at 69 (Greed). Over the last 30 days, Bitcoin recorded 19 out of 30 (63%) green days, exhibiting a 9.18% price volatility.
Looking ahead, technical indicators suggest that Bitcoin’s 200-day Simple Moving Average (SMA) is expected to rise to $30,655 by December 13, 2023, while the short-term 50-day SMA is estimated to reach $39,451 by the same date.
However, it’s worth noting that the Relative Strength Index (RSI) value is currently at 73.95, indicating an overbought position in the BTC market. Analysts predict that Bitcoin’s price is poised for a decrease in the near future. Traders and investors will be closely monitoring these indicators as the cryptocurrency market navigates the ongoing volatility.
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