Bitcoin (B T c) Bulls maintained pressure at 18-month high on November 24 as analysis saw increased buyer interest.
Bitcoin struggles for new 18-month high
data from Cointelegraph Markets Pro And trading view The BTC price trajectory was shown to be moving upwards at the Wall Street open.
The biggest cryptocurrency saw a rise during the Asia trading session, still with its roots in derivatives markets.
Following the crackdown, popular trader Skew confirmed that the same entity was likely behind the latest $38,000 charge.
“Some buyers probably single buyers here trying to push the market up ~ clear correlation between spot and purp CVD/Delta,” he wrote in part one of his latest post on X (formerly Twitter).
$BTC Updates
Looks like there are directional buyers again on Binance – they are bidding up spot and opening longsShorts continue to hunt on Bybit Pursuit
Market CVD and Delta
Some buyers possibly single buyer here trying to push the market up ~ clear correlation… https://t.co/Hu6FNp1Ltc pic.twitter.com/5KaODZC7Hv– Skew Δ (@52kskew) 24 November 2023
Skew later revealed that long BTC positions were closed out, and with signs of momentum, a higher high (HH) was needed on a shorter time frame – beyond the current $38,000 range. At the time of writing, it was in progress.
$BTC
Looks like Binance longs are closed so they may have built up liquidity to meet some requestsLTF CVD
So the first thing here is that CVDs are higher than price, so there is some momentum behind the move, yet without another HH that remains to be seen.Secondly, spot… pic.twitter.com/regcjdj2tw
– Skew Δ (@52kskew) 24 November 2023
Zooming out, others were still optimistic about the resistance level eventually falling. For Michael Van de Poppe, founder and CEO of trading firm MN Trading, it was all about the $40,000 mark.
“Still, very bullish on Bitcoin,” he said told X customers a day.
“A gradual move higher to a new resistance point and a break above $38K immediately means $40K is next.”
Meanwhile fellow popular trader Dan Crypto Trades It has been told $38,000 as the line in the sand after which “easy mode” Bitcoin trading returns. Compatible level on ether (ETH), he added, was $2,150.
About a $40,000 turn?
Some market participants believe that a new BTC price retracement will enter after an initial attempt in the area around $40,000.
Connected: Will Bitcoin Hit $1M After ETF Approval? BTC price predictions vary wildly
Among them is popular trader Crypto Tony, who suggested earlier in the day that $39,000 could also prove to be a short-term turning point.
My plan hasn’t changed, pump us to $39,000 – $40,000 and then please leave pic.twitter.com/AJkLRmD4U5
– Crypto Tony (@CryptoTony__) 24 November 2023
$39,000, meanwhile, Is exposed for various reasonsWhich also includes the total profitability of those who bought BTC during the 2021 bull market.
elsewhere, Encouraging signals from Bitcoin’s Relative Strength Index (RSI) Continued to provide fuel for the bulls to move forward.
This article does not constitute investment advice or recommendations. Every investing and trading move involves risk, and readers should do their own research when making decisions.
