Bitcoin (Bitcoin) The bulls still hope to make a major breakthrough, but the bears are currently applying pressure and keeping digital assets below $61,000.
Data from Cointelegraph Markets Pro with Transaction view It shows that the bulls broke through in the early morning to break through $62,000 and encountered a strong defensive line from the bears. They easily rejected the attempt.
The following are the views of traders and analysts on the current price trend of Bitcoin and their short-term expectations.
“Bitcoin is still on its way to $90,000”
Although some traders may have been bored with the horizontal price movements of Bitcoin, the independent market analyst “Rekt Capital” recently Post The chart below highlights the fact that BTC has turned its main resistance level into a support level.
Reckett Capital said,
“Although BTC has been trading sideways for several weeks… it continues to successfully retest the main areas of previous resistance (red) as new support (green)”
As for what the next step for BTC is, if it can gain support here and go higher, analyst and Cointelegraph writer Michaël Van De Poppe Post The chart below outlines a potential path that prices may follow at the end of 2021.
The pope said,
“Bitcoin is still on its way to $90,000.”
A simple goal of $80,000
Twitter user “GalaxyBTC” provided a simpler and more direct price prediction, he expect A breakthrough target of $80,000.
The analyst said,
“Try to make things as simple as possible. $60,000 is the new $40,000. Next is $80,000.”
Whale wallet dominates exchange deposits
According to Ki Young Ju, CEO of CryptoQuant, whale wallet activity is still having a significant impact on Bitcoin prices.
#Bitcoin Despite whale dumping, it still remains at the support level above $60,000.
most Bitcoin Foreign exchange deposits come from whales. The top 10 TX accounted for almost 90% of the total transaction volume within an hour.
-Ki Young Ju 주기영 (@ki_young_ju) November 5, 2021
As mentioned above, most Bitcoin exchange deposits are made by whale wallets, but foreign exchange reserves continue to decrease, which is a bullish sign for BTC, because when demand surges, the supply available for purchase often reduces Price increased.
The overall cryptocurrency market value is now $2.712 trillion, and Bitcoin’s dominance rate is 42.6%.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.