Bitcoin

<p></p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/dff45209da2e4d62b135c739818e118b.JPG" /><h3 id="our-weekly-feature-our-experts-have-analyzed-the-situation-on-the-market-and-told-how-it-may-change-in-the-coming-week-for-bitcoin">Our weekly feature. Our experts have analyzed the situation on the market. And told how it may change in the coming week for Bitcoin</h3><p>Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">trades</a> on November 13 opened with a decline. They were held calmly. During the American session, the price fell to $36,534.</p><p>On November 14, the correction continued and intensified after the publication of data on inflation in the United States. And which slowed to a 7-month low. Bitcoin fell in price along with the dollar as sellers reached protective stops on long positions and took out weak players who entered the market around $37k.</p><p>Despite the mounting pressure, buyers held their defenses. On November 15, the bitcoin rate recovered to $37,858. The sessional rally was aided by optimistic expectations about the approval of a spot bitcoin ETF.</p><p>On November 16, the price corrected by 4.48% to $36,163 amid profit taking on long positions after the rally. The upward momentum faded as the U.S. Securities and Exchange Commission (SEC) again delayed a decision on two applications for cryptocurrency-related exchange-traded funds (ETFs).</p><p>The first application was submitted by Brazilian digital asset management company Hashdex. It proposed that the SEC convert its bitcoin futures-based exchange-traded fund, the Hashdex Bitcoin Futures ETF, into a spot bitcoin ETF. The SEC did not have time to review it within 45 days. Therefore, the decision on it was extended until January 1, 2024.</p><h3 id="the-second-application-was-filed-by-the-american-company-grayscale-the-largest-digital-asset-manager-in-the-world">The second application was filed by the American company Grayscale - the largest digital asset manager in the world.</h3><p>Grayscale expressed its desire to launch an ETF based on Ethereum futures - Grayscale Ethereum Futures Trust.The SEC also failed to review it within 45 days. And so the deadline was extended to January 15, 2024.</p><p>On November 17, bitcoin rose 1.25% to $36,613 at the end of the day.The price spent the day in the price range of $35,861 to $36,800 after falling to $35,500 on Thursday. Buyers are trying to keep the price above $35,500.And to then continue the upward movement pending ETF approval.</p><p>On cycles, the corrective phase ends on November 21. By timestamps, I have no change.With the bullish momentum fading, bearish sentiment is building. Buyers need to hold the $35k level to continue the rally before halving.</p><h3 id="key-events-of-the-past-week">Key events of the past week:</h3><ul><li>US inflation slowed to a 7-month low of 3.2% year-on-year in October, but had no impact on the crypto market.</li><li>Bitcoin price approached $38k for the first time in a year and a half. This happened amid optimism around the possible approval of a spot bitcoin ETF.</li><li>The bitcoin rate fell to $35,500 due to profit taking by investors after the price soared.</li><li>Another delay by the SEC in deciding on applications to launch ETFs for bitcoin and Ethereum. This limited further growth.</li><li>Bitcoin ended the week slightly lower, with buyers maintaining control of the market.</li></ul><p>Last week, bitcoin traded in a range of $34,800 to $37,980.</p><h3 id="what-39-s-in-store-for-us-this-week">What&#39;s in store for us this week:</h3><p>According to the cycles, the corrective phase ends on November 21. According to the time stamps, nothing has changed for me. As the bullish momentum fades, bearish sentiment is building up. Buyers need to hold the $35k level for the price to continue rising before halving.</p><p>Although a new growth phase starts on November 21, we expect a breakthrough to $42 th. from buyers on December 8. They should form a sideways trend above $35 th. And that will allow sellers to build up short positions, on which then buyers will &#34;ride&#34; up to $39 th.</p><p>On November 22, minutes of the US Federal Reserve meeting will be released. Investors will be watching them to understand the details of the FOMC members&#39; discussion at the last meeting. Decrease in the dollar index after the publication of the minutes may become a trigger for growth of quotations.</p><p>In the U.S. this week will celebrate the national holiday - Thanksgiving Day, which will reduce the number of working days. Accordingly, liquidity on the global currency market may be low. And volatility may be high. Most often, when the U.S. has a day off. Then the markets are traded in narrow ranges. Therefore, the price dynamics in the crypto market will be determined by the news around ETFs.</p><p>Bitcoin bulls still control the market. There are no signals to sell. <a href="https://crypto-upvotes.com/about-us/" rel="noopener noreferrer nofollow">Our experts</a> are waiting for the publication of the Fed minutes and renewed activity of buyers. </p>

Bitcoin bulls still control the market. What will happen to bitcoin this week

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