Ethereum

Bitcoin

Resistance

April

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54.png" class="attachment-full size-full wp-post-image" alt="Bitcoin price prediction weekly chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54.png 2710w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
The market has calmed down following the widespread bullish comeback on Monday, with Bitcoin price extending the bullish leg a step closer to the critical resistance at $38,000 but stalling around $37,625.
Altcoins like&nbsp;<a href="https://coingape.com/ethereum-crosses-2000-amid-increasing-whale-accumulations/?utm_source=24hrsupdatealtcoin" rel="noopener noreferrer nofollow">Ethereum moved</a>&nbsp;in tandem with BTC price resulting in action above the vital $2,000 support. Binance Coin is one of the tokens in the green on Tuesday, up 4.5% to $258.
However, there has been a general correction among altcoins in the last 24 hours led by Solana’s 6.3% dip to $56. The rest of the digital assets in the top ten are in the red apart from the two stablecoins; USDT and USDC.
Meanwhile,&nbsp;<a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a>&nbsp;remains relatively unchanged over the same period while bulls launch frequent attacks on the immediate $38,000 resistance.
According to trader and analyst @CryptoFaibik who posts on Twitter (now X), Bitcoin could break to $41,000 “if BTC bulls successfully clear the $38k resistance.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 If <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> bulls Successfully Clear the 38k Resistance and Next Stop could be 41k.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://twitter.com/hashtag/BTCUSDT?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTCUSDT</a> <a href="https://t.co/X26xCLX9oG" rel="noopener noreferrer nofollow">pic.twitter.com/X26xCLX9oG</a>
 — Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1726633916852039767?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 20, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 class="p1" id="bitcoin-price-prediction-bulls-struggle-to-clear-38k-hurdle">Bitcoin Price Prediction: Bulls Struggle To Clear $38k Hurdle</h2>
Bitcoin is trading between two important levels; the seller congestion at $38,000 and support at $36,000. Trading on either side of this range could either be bullish for BTC or bearish.
Based on the Moving Average Convergence Divergence (MACD) indicator’s technical outlook, gains above $38,000 are likely rather than a pullback to $36,000 in the short term.
Realize that the momentum indicator dons a buy signal, and on top of this, holds above the neutral zone. If the blue MACD line keeps moving in the upward direction while holding above the red signal line, the path with the least resistance could stick to the upside.
<figure id="attachment_165287" aria-describedby="caption-attachment-165287" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54.png" rel="noopener noreferrer nofollow"><img decoding="async" class="size-full wp-image-165287" src="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54.png" alt="Bitcoin price prediction weekly chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54.png 2710w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-21_15-55-54-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-165287" class="wp-caption-text">
 Bitcoin price prediction weekly chart | Tradingview
 </figcaption>
</figure>
The ongoing bullish cross on the weekly timeframe further raises the stakes in favor of the bulls. As observed the 50-week Exponential Moving Average (EMA) (red) has flipped above the 200-week EMA (purple), forming a golden cross pattern.
Traders use this pattern to confirm the generally bullish outlook of the market. Its presence on a higher timeframe like the weekly chart reinforces the bullish thesis in the long term.
Recommended for you:&nbsp;<a href="https://coingape.com/markets/ethereum-price-reinstates-bid-for-3k-as-options-open-interest-surges-to-6-7b/" rel="noopener noreferrer nofollow">Ethereum Price Targets $3k As Options Open Interest Surges To $6.7B</a>
It is expected that Bitcoin price would not react to the release of the Federal Reserve’s release of the November 1 FOMC meeting. A trend has been forming where BTC does not react to the actions of the Fed, especially with the committee members pausing interest rate hikes for several months now.
Although the Fed has insisted on a single rate hike before the end of the year, weak economic data released after the meeting has significantly increased expectations for no more rate hikes.
According to analysts at ING the release of the minutes later today “is likely to be less market-moving than usual, given the post-meeting softness in data.”
“We have already heard from several Fed officials who have welcomed the direction of the numbers but commented that they want to see more of the same to be sure that inflation is on the path to 2%,” the analysts added in a November 17 note.
<h2 class="p1" id="bitcoin-halving-coming-in-5-months">Bitcoin Halving Coming In 5 Months</h2>
On the other hand, accumulation is bound to increase with halving only five months away. Investors could spend the following weeks buying the dips to capitalize on the pre-halving rally.
According to crypto analyst and investor @Rekt Capital, “historically, any deeper retraces that occur during this period tend to generate fantastic Return On Investment for investors in the several months after the halving.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>
 5 Phases of The Bitcoin Halving
 1. Pre-Halving period
 Approximately 5 months remain until the Bitcoin Halving in April 2024
 Historically, any deeper retraces that occur during this period tend to generate fantastic Return On Investment for investors in the several months… <a href="https://t.co/YuhxffF0Ei" rel="noopener noreferrer nofollow">pic.twitter.com/YuhxffF0Ei</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1726567594168054091?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 20, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
A pre-halving rally would ideally occur 60 days before the halving event.&nbsp;<a href="https://coingape.com/massive-institutional-buying-continues-of-btc-eth-xrp-sol-ada/?utm_source=24hrsupdatebitcoin" rel="noopener noreferrer nofollow">Investors buy BTC in droves</a>&nbsp;due to the expectations of how halving could push prices higher.
Bitcoin price tends to go through several rallies before and after the halving, with a parabolic uptrend following several months after the actual event.
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The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/markets/bitcoin-price-prediction-bulls-challenge-38k-resistance-next-btc-stop-41k/">Bitcoin Price Prediction: Bulls Challenge $38k Resistance, Next BTC Stop $41k?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Bitcoin Price Prediction: Bulls Challenge $38k Resistance, Next BTC Stop $41k?

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