Bitcoin's (BTC) Continuous Bullish Trend

2023年11月17日

Bitcoin (BTC)
Currently, Bitcoin's upward trend is still in play, but there's a noticeable weakening in buying strength. The asset is trading within a local sideways channel, bounded by the support level at $35,500 and resistance at $36,900. It is expected that Bitcoin will continue to fluctuate within this range over the weekend.

Above this current resistance level, there is a sellers' zone between $37,500 and $38,000. This range is potentially critical for the continuation of the upward trend and achieving new annual highs. Therefore, the next targets for buyers would be the $39,000 and $40,000 marks.
Hence, Bitcoin continued its upward trajectory marking a 14 days Bullish Trend ever since it crosses the $30,000 Threshold.

If a deeper correction occurs, Bitcoin might decline to the $34,800 level. Below this, the range of $33,400-$34,100 holds a significant number of buyer orders and could potentially act as a local bottom.