Bitcoin

Resistance

Material

The cryptocurrency market continues to maintain its momentum in November following the rise in Uptober. During this period, <a href="https://en.coin-turk.com/bank-failures-abound-is-another-looming-what-implications-for-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>, with its upward price movements, is trying to gain strength at an important level during the Wall Street opening on November 16, after taking a new step towards its $38,000 target.
<h2 class="p1" style="text-align: justify" id="why-can-t-the-38-000-resistance-level-be-overcome">Why Can’t the $38,000 Resistance Level be Overcome?</h2>
According to data obtained from TradingView, Bitcoin, which reversed its direction upward after a sharp decline in the cryptocurrency market at the beginning of the week, experienced a notable comeback. Thus, the daily chart for Bitcoin still indicates that $38,000 is a strong resistance level and follows a similar pattern to the one experienced a week ago. The BTC/USD pair, which is currently around $37,112 at the time of writing, continues to test the level emphasized by analysts as an important support zone.
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Material Indicators, a data analysis platform closely followed by the cryptocurrency market, stated that the current price range maintains the difference between further upward movement and invalidation:
<blockquote>
 “Trend Precognition shows that this rally may not be over yet. Although $40,000 has become the focus, there is no guarantee that Bitcoin will reach this level this week. For me, dropping below $35,375 will invalidate the Trading Signals data.”
</blockquote>
<h2 class="p1" style="text-align: justify" id="what-can-be-expected-in-the-market">What Can be Expected in the Market?</h2>
The initial upward move was triggered by the decision of US regulators to delay approval of various cryptocurrency exchange-traded funds (ETFs). As a result, rumors emerged that the first Bitcoin spot price-based ETF approval was imminent in the US in November.
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With all these developments, popular investor and <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a> Daan <a href="https://en.coin-turk.com/googles-partnership-with-layerzero-a-game-changer-for-cryptocurrency/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> Trades stated that the price is now in a more challenging situation to maintain its high level. This process was achieved thanks to lower open interest (OI) and funding rates compared to the peaks of last week.
<blockquote>
 “Although the price is at similar levels to last week, Open Interest is still significantly lower. Funding rates are also slightly lower. I believe we currently have a better and healthier base compared to last week.”
</blockquote>
<img decoding="async" class="aligncenter wp-image-277204 size-full" src="https://coin-turk.com/wp-content/uploads/2023/11/btcusd-veri.jpg" alt="" width="1220" height="875"> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-struggles-to-break-the-38000-resistance-level/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-struggles-to-break-the-38000-resistance-level/</a>

Bitcoin Struggles to Break the $38,000 Resistance Level

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