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Bitcoin

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21.png" class="attachment-full size-full wp-post-image" alt="Bitcoin price prediction daily chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21.png 2710w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
The bull market is still in progress, with Bitcoin (BTC) price up 25.5% since the breakout in October. The largest crypto rallied and retested resistance at $38,000 but as expected a correction followed possibly triggered by profit-booking activities. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bull Market Progress: 
 ▓▓░░░░░░░░ 27.5%<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/rkc6hnWdaF">pic.twitter.com/rkc6hnWdaF</a> 
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1725120911739691118?ref_src=twsrc%5Etfw">November 16, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Bitcoin currently trades at $36,532, down 0.6% in the last 24 hours. Traders are possibly waiting for signs of recovery or for BTC to fill their positions ahead of another breakout attempt. 
Price swings to $38,000 and back to $36,000 are proving profitable to traders. However, to medium-term to long-term investors, they are merely market doldrums or consolidation which could pave the way for gains above $40,000. 
Recommended for you:&nbsp;<a href="https://coingape.com/markets/dogecoin-price-skyrockets-towards-0-1-as-physical-doge-heads-to-the-moon/">Dogecoin Price Skyrockets Eyeing $0.1 As Physical DOGE Heads To The Moon</a> 
<h2 class="p1" id="bitcoin-price-holds-support-at-36-000-as-bulls-eye-50-000">Bitcoin Price Holds Support At $36,000 As Bulls Eye $50,000</h2> 
The Relative Strength Index (RSI) reveals that sellers have the upper hand amid a correction of the trend from highs in the overbought region at 87 to the current level at 62. 
If bulls fail to arrest the bearish situation by upholding support above $36,000, it would be difficult to rule out a longer retracement, likely to be occasioned by&nbsp;<a href="https://coingape.com/price/bitcoin/">Bitcoin price</a>&nbsp;seeking liquidity at lower levels. 
<figure id="attachment_164642" aria-describedby="caption-attachment-164642" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21.png"><img decoding="async" class="size-full wp-image-164642" src="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21.png" alt="Bitcoin price prediction daily chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21.png 2710w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_19-52-21-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-164642" class="wp-caption-text">
 Bitcoin price prediction daily chart | Tradingview
 </figcaption>
</figure> 
The fact that BTC price is trading within the confines of an ascending trendline, shows that bulls will have several opportunities to force their hand and keep the uptrend going. 
The middle boundary of the channel would be the first major encounter of a significant support area. This region has helped to uphold the uptrend since the breakout above $33,000. 
However, if broken investors may want to prepare for more losses targeting support at the same $33,000. 
On the upside, the seller congestion zone between $38,000 and $40,000 is the one single barricade standing in the way of&nbsp;<a href="https://coingape.com/btc-price-shoots-to-38000-despite-the-sec-delaying-spot-bitcoin-etf-approval/?utm_source=24hrsupdatebitcoin">Bitcoin soaring to $50,000</a>&nbsp;before the year-end. 
The bullish crosses formed by the 50-day Exponential Moving Average (EMA) flipping above the 100-day EMA and the 200-day EMA intensify the bullish grip. In other words, the golden crosses encourage traders to keep betting on Bitcoin longs while shunning short positions. 
A successful breakout above $40,000 is required to confirm the bullish outlook, especially for traders and investors sitting on the sidelines. 
<h2 class="p1" id="bitcoin-leads-with-the-number-of-active-addresses">Bitcoin Leads With The Number of Active Addresses</h2> 
The uptick in Bitcoin price has resulted in a massive increase in network activity. 
According to blockchain data company IntoTheBlock, Bitcoin is “leading with 960,000 daily active addresses” as the largest crypto “continues to assert dominance” in the market. 
The total market cap has surged to $1.41 trillion with Bitcoin accounting for 50.9% of the entire crypto market value, data by&nbsp;<a rel="nofollow" href="https://coinmarketcap.com/charts/">CoinMarketCap</a>&nbsp;shows. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Our Layer 1 (L1) Comparison Perspective offers a detailed analysis of leading layer 1 blockchains, focusing on key on-chain metrics. 
 Currently, the daily active addresses, a key indicator of network utilization and user activity, show an interesting hierarchy: 
 1⃣Bitcoin:… <a href="https://t.co/6DpllQla5t">pic.twitter.com/6DpllQla5t</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1725166228359004369?ref_src=twsrc%5Etfw">November 16, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Litecoin (LTC) is coming up as another worthy contender in terms of network activity. IntoTheBlock reveals that the number of activity addresses had increased to 797,000. This is a bullish signal for LTC as it shows a strong and engaged user base. 
<h3 class="p1" id="related-articles">Related Articles</h3> 
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 <li class="p1"><a href="https://coingape.com/btc-price-slips-3-to-35000-key-bitcoin-red-flags-to-watch/">BTC Price Slips 3% to $35,000, Key Bitcoin Red Flags to Watch</a></li> 
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The post <a rel="nofollow" href="https://coingape.com/markets/bitcoin-price-prediction-as-bull-market-intensifies-network-activity-will-btc-hit-50k-next/">Bitcoin Price Prediction As Bull Market Intensifies Network Activity, Will BTC Hit $50k Next?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Bitcoin Price Prediction As Bull Market Intensifies Network Activity, Will BTC Hit $50k Next?

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