Bitcoin (BTC) maintained its position near $38,000 as it approached the weekly close on November 26, with traders exhibiting heightened optimism regarding BTC price.
Bitcoin purchasers leave no room for maneuver for bears.
Information from Cointelegraph Markets Pro and TradingView indicated a relatively uneventful weekend for Bitcoin, with the usual volatility yet to make an impact as the weekly close drew near.
After reaching fresh 18-month highs in recent days, some argued that the largest cryptocurrency displayed promising indicators for a continuation of upward momentum.
Notably, popular trader and analyst Credible Crypto observed buyers absorbing any sell volumes near the local highs.
Coupled with the fact that open interest (OI) on derivatives markets remains low and spot demand stays consistent, the groundwork could be laid for the next upward movement.
“In general, I think that dips here may be even more shallow than initially expected due to the lack of OI to induce liq flushes and the clear spot demand we are seeing at these levels,” mentioned part of a post on X (formerly Twitter).
Credible Crypto concluded that his earlier projection of a retreat to $36,900, which represents just a 2.1% decrease from the current spot price, might not materialize.
Bitcoin (BTC) price displays a significant Ichimoku setup.
Equally optimistic about the near-term prospects was fellow market analyst Titan of Crypto.
In an analysis utilizing the Ichimoku Cloud indicator, Titan of Crypto observed a clear breakout of its key components, a rare occurrence on the Bitcoin weekly chart.
The lagging span of Ichimoku, Chikou, measured 26 weeks prior, was now positioned both above the price and at the pinnacle of the Kumo Cloud. With Tenkan-sen and Kijun-sen displaying a renewed uptrend, the overall picture seemed highly favorable for further upward momentum, as concluded by Titan of Crypto.
“Pay attention to the last 2 weekly candles in terms of price action. Wicks indicate bulls are pushing back,” he succinctly summarized as part of the accompanying commentary on X on Nov. 25.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risks, and readers are encouraged to conduct their own research before making any decisions.