Bitcoin‘s price managed to reach higher levels after rising above $38,000 last week, but since then, the tested region has played a key role in the battle between bulls and bears. Many investors are curious about whether Bitcoin is preparing for a correction or gearing up for a journey to the $40,000 level in the coming period.
What to Expect on the Bitcoin Front?
The monthly close provides important data for short-term investors at this turning point for Bitcoin’s price. On the Bitcoin front, untested liquidity levels downwards and the allure of the $40,000 level upwards are creating an interesting trading range. In particular, in the futures market, neither bulls nor bears have been able to break out of an increasingly narrow area for the BTC/USD pair, and the daily new highs that have occurred during this period have been few and short-lived.
According to data from TradingView, the last weekly close saw Bitcoin recover after falling to $37,100, at which point orders began to be filled by investors. Popular investor Skew explained that it’s now time for Bitcoin’s price to turn around with the following words:
“Spot buyers led the bounce, and eventually, futures market buyers were forced to fill orders; mostly short positions were forced out of the market. Now as we enter the EU session and the US session, it’s important to see if there are spot offers.”
Prominent Figure Points Out Critical Levels for Bitcoin
Skew also highlighted liquidity blocks both above and below the spot Bitcoin price, stating that the $37,000 and $38,000 range are key levels to watch:
“There’s a lot of bid liquidity below $37,000, so if spot buyers continue to be net sellers, this will be the momentum needed to fill those lower limit bids. As for liquidity, i.e., supply and demand, it remains between $38,000 and $40,000.”
With only a few days left until the monthly close, Bitcoin has shown a 7.8% increase to date in November 2023, making it quite average compared to past years. Data from the blockchain data analysis platform CoinGlass shows that November is typically characterized by much stronger Bitcoin price movements, which can be both upwards and downwards.
