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Following the recent process between the US Department of Justice and Binance, which has made a mark on the recent period, <a href="https://en.coin-turk.com/promising-future-for-cryptocurrency-and-blockchain-technology-according-to-bloomberg-analyst/”>Bitcoin is trying to hold on to the $38,000 zone as investors’ optimism for Bitcoin spot ETF applications increases, hours before the weekly closing on November 26. So what can be expected from Bitcoin, which is currently trading at $37,204?
What Do the Data Say About Bitcoin?
According to data obtained from TradingView, Bitcoin is going through a weekend where volatility has not yet occurred, and the price has been moving sideways as the weekly closing approaches.
After reaching the highest levels in 18 months in the Bitcoin market in recent days, some investors pointed out notable developments that indicate the continuation of the upward movement of the crypto king. Among those who support this idea is popular investor and analyst Credible Crypto, who argued that Bitcoin has equaled the selling volume near local peaks.
With the low open interest (OI) data closely monitored in the futures market and the stable spot buying orders, it seems that the ground is ready for the next rise in Bitcoin. The famous figure commented on a post shared on X:
“In general, I think that the declines here may be shallower than expected due to the lack of OI triggering liquidity flow and the clear spot demand we see at these levels. We have some potential liquidations above $38,000 and below $37,500, but the amount of open positions here is relatively low. Therefore, unless there are dramatic changes in spot flows, we do not expect significant volatility in either direction until we break through.”
Renowned Figure Sets Target for Bitcoin
Another market analyst who shares equally positive thoughts about the future price of Bitcoin is Titan of Crypto. In an analysis using Ichimoku Cloud data, Titan of Crypto explained that in a rare event for the weekly chart of Bitcoin, the key resistances were broken in a striking way.
Chikou, which is known as the delayed range of Ichimoku, was seen above both the price and the top of the Kumo Cloud, just like it was seen 26 weeks ago. Titan of Crypto concluded that it looks quite promising for upward continuation in the future, as Tenkan-sen and Kijun-sen show a current uptrend.
“Pay attention to the last two weeks’ candles in terms of price movement. The wicks indicate bulls pulling back. Momentum has increased, and the next resistance is at $39,300.”
