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The cryptocurrency market continues to maintain its momentum in November following the rise in Uptober. During this period, Bitcoin, with its upward price movements, is trying to gain strength at an important level during the Wall Street opening on November 16, after taking a new step towards its $38,000 target.
Why Can’t the $38,000 Resistance Level be Overcome?
According to data obtained from TradingView, Bitcoin, which reversed its direction upward after a sharp decline in the cryptocurrency market at the beginning of the week, experienced a notable comeback. Thus, the daily chart for Bitcoin still indicates that $38,000 is a strong resistance level and follows a similar pattern to the one experienced a week ago. The BTC/USD pair, which is currently around $37,112 at the time of writing, continues to test the level emphasized by analysts as an important support zone.
Material Indicators, a data analysis platform closely followed by the cryptocurrency market, stated that the current price range maintains the difference between further upward movement and invalidation:
“Trend Precognition shows that this rally may not be over yet. Although $40,000 has become the focus, there is no guarantee that Bitcoin will reach this level this week. For me, dropping below $35,375 will invalidate the Trading Signals data.”
What Can be Expected in the Market?
The initial upward move was triggered by the decision of US regulators to delay approval of various cryptocurrency exchange-traded funds (ETFs). As a result, rumors emerged that the first Bitcoin spot price-based ETF approval was imminent in the US in November.
With all these developments, popular investor and analyst Daan Crypto Trades stated that the price is now in a more challenging situation to maintain its high level. This process was achieved thanks to lower open interest (OI) and funding rates compared to the peaks of last week.
“Although the price is at similar levels to last week, Open Interest is still significantly lower. Funding rates are also slightly lower. I believe we currently have a better and healthier base compared to last week.”
