The king of cryptocurrencies is hovering around $34,200 on the last working day of the month. It has dropped over $1,000 from its yearly peak. The BTC price, which approached $36,000, experienced a rapid pullback due to profit-taking at higher levels. On the other hand, today’s upcoming data will contain important signals about the US economy.
Bitcoin Predictions for November
In October, the BTC price initiated a strong rally and successfully reached $35,200 by surpassing the seemingly tough resistance levels. As the bear season deepened, the $30,000 level that we highlighted was reclaimed.
Now, the price is targeting new highs by challenging the resistances on the opposite side of the downward movement. Moreover, closures above the resistances above $30,000 indicate that the downward trend may have come to an end.
The current target on the chart is the $40,000 level, which is approximately 40% above the current price. In order for the bullish prediction and the $48,000 target for November to be invalidated, the price will need to close below $30,000. In this scenario, a sharp decline down to $20,500 may be observed.
Altcoins and OCEAN Coin Analysis
Bitcoin‘s market dominance also reached new highs in October. Most recently, it reached the highest level of 54.35% in 2023. Instead of a movement beyond this region, a relaxation of market dominance down to 48% is expected. If this relaxation occurs, we may witness much stronger rallies in altcoins. However, if BTCD surpasses the 56.5% level, the bearish prediction will be invalidated and the 60.55% region can be targeted.
OCEAN broke out of the horizontal resistance zone at $0.27 in January. The next month, it reached a peak of $0.58. If the upward movement continues, the nearest resistance zone is at $1.05, which is 180% above the current level.
Despite the rally prediction, if the price loses momentum, there may be a retracement to the horizontal support zone at $0.28. This would invalidate the breakout from the long-term trend line.
At the time of writing, the BTC price is finding buyers at $34,200. The cumulative value of cryptocurrencies is $1.27 trillion.
