Bitcoin’s BTC/USD price rebound prompted mixed reactions from traders and technical analysts about the apex crypto’s near-term prospects.
What Happened: Prominent crypto trader DonAlt noted that Bitcoin has almost closed above support, stating "This is so close it just adds a bunch of ambiguity, not great if you want actionable signals from the market."
He sees the weekly close as a really bad bearish retest.
Another trader compared the current Bitcoin scenario with the third quarter in 2023, highlighting that there are two major retests of key support after "months of consolidation below key resistance." He notes key resistance levels at $30,000 in 2023 and $70,000 now.
Jelle concluded, "If the coming months play out similarly too – we’re in for more boredom before the inevitable moon mission starts."
Also Read: Hothead Investor Shares 7-Month Update On ‘Maxing Out 8 Credit Cards To Buy Bitcoin’
Why It Matters: While Bitcoin's price action remained volatile over the weekend, Monday commenced with price pushing above the $63,000 mark. Last Friday, Bitcoin spot ETFs saw inflows of $73 million, the highest in two weeks.
IntoTheBlock data notes Bitcoin's large transaction volume dropping by 16% and exchanges’ netflows by 114.6%. Around 88% of Bitcoin holders are currently in profit, a higher number than the week prior.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
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