The crypto market leader, Bitcoin, has displayed a significant price action during November by gaining over 10% in value. Further, the BTC price recently recorded a new yearly high, indicating a strong bullpower in the crypto space.
Following the price pump in October, the BTC price traded in a closed space between $33,913.37 and $35,219.03 for a brief period. After multiple failed attempts, the bulls regained momentum and successfully broke out of the range.
After this, the market leader jumped over 5%, resulting in the price achieving its $37,000 mark. Bitcoin hovered close to its support/resistance of $37,033.37 for a while, following which the bulls lost momentum and the price dropped 3%.
Bitcoin price then traded in a consolidated range between $36,000 and $37,033.37 for a while, following which the price regained momentum and the coin broke out of the resistance level.
The market leader then displayed significant price volatility for a short period, after which the price traded in a closed space between $37,033.37 and $38,250.
Recently, the BTC price successfully broke out of the range and is on a path to test its upper level of $39,001.86 soon, of which the outcome is unpredictable.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a strong bullish sentiment in the market. Further, the averages show a constant rise, suggesting the star crypto will continue gaining value in the coming days.
If the bulls push the price above the resistance level of $39,000, the BTC price will regain momentum and prepare to test its yearly target of $40,000 soon. Further, if the market holds the price at that level, it will set the stage for Bitcoin to attempt to test its upper high of $42,020 by the year-end.
Conversely, if the bears overpower the bulls, the price will lose momentum and fall to test its support level of $38,250 soon. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $37,033.
If the market experiences a trend reversal, the BTC price might experience a significant price correction in value, resulting in the coin testing its low of $34,000.
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