Bitcoin bulls hold firm into weekly close: BTC price eyes $39.3K
Bitcoin (BTC) held near $38,000 into the Nov. 26 weekly close as traders boosted their BTC price optimism.
Data from Cointelegraph Markets Pro and TradingView showed a typically flat weekend for Bitcoin, with classic volatility yet to hit as the weekly close approached.
#Bitcoin Straightforward and slow weekend.
Usually volume/volatility picks up a bit later today. https://t.co/joyKaqG68f pic.twitter.com/T9sXbJ2c6d
After setting new 18-month highs in recent days, some argued that the largest cryptocurrency showed encouraging signs for upside continuation.
Among them was popular trader and analyst Credible Crypto, who eyed buyers absorbing any sell volumes near the local highs.
Along with open interest (OI) on derivatives markets staying low and spot demand remaining steady, the stage could be set for the next move higher.
“Overall I think that dips here may be even more shallow than originally anticipated due to the lack of OI to induce liq flushes and the clear spot demand we are seeing at these levels,” part of a post on X (formerly Twitter) read.
Credible Crypto concluded that even his previous forecast of a return to $36,900 — itself just a 2.1% drop from the current spot price — may not come to pass.
Equally buoyant on the immediate future was fellow market commentator Titan of Crypto.
Related: ‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024
In an analysis that leveraged the Ichimoku Cloud indicator, Titan of Crypto spied a clean breakout of its key components in a rare event for the Bitcoin weekly chart.
Ichimoku’s lagging span, Chikou — as measured 26 weeks prior — was now both above price and at the top of the Kumo Cloud. Together with Tenkan-sen and Kijun-sen displaying a renewed uptrend,
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