Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/bitcoin-price-prediction-will-btc-price-hold-steady-or-take-a-tumble/">Bitcoin Price Prediction : Will BTC Price Hold Steady or Take a Tumble?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Since the last two weeks, Bitcoin charts have been painted in green, bouncing back and forth in the $34,100-$35,000 range. Now many experts are predicting sideways price movement in Bitcoin, meanwhile, some expect Bitcoin price to fall.&nbsp;
<h2 class="wp-block-heading" id="strong-crypto-experts-suggest-a-bitcoin-price-pullback-strong">Crypto Experts Suggest a Bitcoin Price Pullback</h2>
Julio Monero, the head of research at CryptoQuant, <a href="https://pbs.twimg.com/media/F9eInyoXIAA7wP7?format=jpg&amp;name=4096x4096" rel="noopener noreferrer nofollow">highlighted</a> two key observations related to Bitcoin’s recent price surge. These observations indicate that Bitcoin’s rapid price increase might take a pause.
Firstly, short-term Bitcoin holders are selling their holdings at a 6% profit, the highest since April. This suggests that short-term investors are cashing in as the price of Bitcoin reached a monthly high of $35,150 this week.
In addition, large Bitcoin holders, often called whales, are moving their Bitcoin to major exchanges like Coinbase and Binance. This happened as the price of Bitcoin suddenly <a href="https://coinpedia.org/news/bitcoin-price-surges-to-35k-40-rally-expected-in-november/" rel="noopener noreferrer nofollow">surged</a> above $35,000.
<h2 class="wp-block-heading" id="h-bitcoin-s-price-movement">Bitcoin’s Price Movement</h2>
Bitcoin’s open interest, a measure of trader activity, has remained relatively stable. Trading platform Bybit’s open interest has increased by about 8,000 Bitcoins. Some experts believe that Bitcoin’s price may encounter resistance around $36,000 before potentially falling back.
Bitcoin’s price has <a href="https://twitter.com/CryptoTony__/status/1718155643545088139" rel="noopener noreferrer nofollow">increased</a> by 15% this week and currently trades at $34,100. In the past 24 hours, its price ranged between $33,416 and $34,238. However, trading volumes have decreased by 18% in the last 24 hours.
In the broader financial context, the core PCE, a preferred measure of inflation by the US Federal Reserve, has cooled down to 3.7%. However, the month-over-month increase is due to rising energy prices.

Bitcoin Price Prediction : Will BTC Price Hold Steady or Take a Tumble?

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