This analysis suggests that as BTC prices drop to the weekly and monthly candle closing prices, Bitcoin has "ample momentum" to reach $40000.Bitcoin range faces weekly and monthly closingAccording to TradedView data, Bitcoin/USD has remained stable, maintaining the weekly gains
This analysis suggests that as BTC prices drop to the weekly and monthly candle closing prices, Bitcoin has "ample momentum" to reach $40000.
Bitcoin range faces weekly and monthly closing
According to TradedView data, Bitcoin/USD has remained stable, maintaining the weekly gains.
This largest cryptocurrency avoids significant fluctuations as its weekly and monthly closing prices (at the critical moment of October's upward trend) are closer than ever before.
I think Bitcoin will hover in this range for a while, "popular trader DaanCryptoTrades told X subscribers in a post on October 27th.
I am looking for values of approximately 33k-35K. Please be aware of any potential sweeps at these levels for quick trading.
However, Daan pointed out that open interest contracts (OI) have returned to levels close to before the bull market, bringing Bitcoin to a 17 month high. In the past few weeks, high open interest contracts have put BTC prices under pressure.
Elsewhere, the on chain monitoring resource MaterialIndicators has sent a bearish signal to one of its proprietary trading tools.
MaterialIndicators states that with two such daily signals, simply rising to $38850 can "eliminate" the bearish impact.
This doesn't mean we won't be able to get there before the monthly candles close, "MaterialIndicators reasoned in their X review.
Analysis: 'Enough Fuel' Pushes BTC Price to $40000
A more optimistic view comes from macroeconomic comparisons.
Famous trader Kaleo pointed out that since September, Bitcoin has performed significantly better than the S&P 500 index, so there is still a great opportunity for Bitcoin prices to continue to rise.
In the past month, we have finally seen the 'bullish decoupling' of BTC and stocks that everyone has been waiting for, "he wrote in the comments section on October 27th.
Although BTC rose only 36% against the US dollar from its September low, BTC rose 48% against SPX.
BTC/USD and S& P500 chart. Source: Kaleo/X
The accompanying chart shows the comparison between BTC/USD and the S&P 500 Index, highlighting the most recent key events in Bitcoin history. Kaleo argued, "There is still enough fuel in the fuel tank to go up to $40000
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