On November 8th, when this article was written, BTC had not surpassed $36,000 and had not given up on $35,000. After reaching its peak, the price seems to have paused its rise. Moreover, the recent decrease in Deribit position size, which we highlighted a few hours ago, also stands out as a weakness signal. So what’s next?
Will Bitcoin (BTC) Fall?
The next psychological resistance for the king cryptocurrency is at $40,000, but the price has not yet surpassed $36,000. Popular crypto analyst Skew emphasized the need for more demand in the spot markets for further growth. Order book data from exchanges shows that buyers are starting to adopt a cautious approach. Investors may be preparing for a possible pullback as there has been no new high since November.
Another popular crypto commentator, Credible Crypto, said that the possibility of a drop to the $33,700 region for the king cryptocurrency is not likely in the short term. In the event of a possible support test, the analyst does not expect the $34,500 region to be breached.
“I do not expect to see below $33,700 in the short-term projection. In other words, regardless of how it goes in the coming days, I think the downside is extremely limited.”
Credible Crypto also said that clues about the outcome of current conditions could be shaped “within the next one or two days.”
BTC is currently not far from $35,500, and if it surpasses $36,000, investor appetite could revive. However, if the resistance continues to be challenging, it could support the selling motivation of investors waiting in profit.
Avalanche (AVAX) Analysis
While BTC raises doubts about the rise, AVAX Coin has surpassed $13 again. We mentioned a short time ago that BTC’s new resistance test would bring AVAX to this level. If BTC continues to stay above $35,200, AVAX Coin’s price can continue its weak but stable rise.
Currently, closings above $12.7 can ensure the continuation of the rise. For a strong recovery, we need to see a daily close above $13.43. In this scenario, the target could be the $17.6-$18 range after the $14.6 and $15 range.
