The Bitcoin market is witnessing a surge in optimism as traders gear up for a potential upward trajectory. Despite a relatively calm weekend and the absence of significant volatility, Bitcoin maintained its position near $37,453, instilling confidence among traders as the weekly close approached on November 26.
Amidst the backdrop of setting new 18-month highs, key market participants, including trader and analyst Credible Crypto, noted positive indicators for a continuation of the upward trend. Credible Crypto pointed out the resilience of Bitcoin buyers, absorbing sell volumes near local highs, while factors such as low open interest in derivatives markets and stable spot demand hinted at a conducive environment for the next upward move.
Credible Crypto expressed a belief that potential dips might be shallower than anticipated, attributing this to the lack of open interest inducing liquidation flushes and evident spot demand at current levels. The analysis also considered the relatively low number of open positions, suggesting a potential absence of significant volatility until a breakout, unless there is a dramatic shift in spot flows.
Contrary to earlier predictions, Credible Crypto suggested that even a return to $36,900 might not materialize, highlighting the evolving dynamics in the market.
Another optimistic voice in the market, Titan of Crypto, utilized the Ichimoku Cloud indicator to assess the immediate future. Analyzing the Bitcoin weekly chart, Titan of Crypto identified a notable breakout in key components of the indicator, with Ichimoku’s lagging span, Chikou, positioned above the price and at the top of the Kumo Cloud. Additionally, the renewed uptrend in Tenkan-sen and Kijun-sen added to the positive outlook.
Summarizing the analysis, Titan of Crypto emphasized the significance of the last two weekly candles, indicating bullish resilience. With momentum on the upside, the analyst set a target of $39.3k for the next move, underscoring the positive momentum in the Bitcoin market.