Bitcoin

Daily

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<ul>
 <li>With the decline experienced on Sunday, the week begins with a red candle for Bitcoin, as the BTC price struggles to absorb the overhead supply wave.</li>
 <li>Nevertheless, any positive news could amplify the bullish trend momentum and lead to a sharp price spike.</li>
 <li>Alongside the bull flag movement, overall market sentiment anticipates another bullish rally in the BTC price.</li>
</ul>
<p><strong>Bitcoin’s price managed to surpass $38,000 but later faced selling pressure: Will the price continue the downward trend? Current indicators!</strong></p>
<h2 id="strong-analysis-of-bitcoin-daily-price-chart-strong"><strong>Analysis of Bitcoin Daily Price Chart</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126546" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-48.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>With the decline experienced on Sunday, the week begins with a red candle for Bitcoin, as the BTC price struggles to absorb the overhead supply wave. Sellers, facing another rejection at the $38,000 barrier, remain strong, pushing Bitcoin down by 0.92% on Sunday.</p>
<p>As the bearish momentum persists, as of the time of writing, the BTC price is recording a 0.29% decrease but forming a long wick candle. Overall, the weekend signals a bull failure and indicates another bear cycle within the flag pattern.</p>
<figure id="attachment_131693" aria-describedby="caption-attachment-131693" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img loading="lazy" decoding="async" class=" td-modal-image wp-image-131693 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?resize=696%2C263&amp;quality=70&amp;ssl=1" alt="BTC-USD-1D" width="696" height="263" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?w=1352&amp;quality=70&amp;ssl=1 1352w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?resize=300%2C113&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?resize=1024%2C387&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?resize=768%2C290&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?resize=150%2C57&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?resize=696%2C263&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/11/BTC-USD-1D.webp?resize=1068%2C404&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-131693" class="wp-caption-text">
  BTC/USD Daily Chart
 </figcaption>
</figure>
<p>With good news, however, buyers managed to sustain the recovery rally, forming the sixth consecutive green candle on the weekly chart. Marking a growth of 37.92%, the BTC price is striving to catch up with the November rally. The bull recovery aligns with positive sentiments in Bitcoin price predictions, signaling further signs of recovery.</p>
<p>Currently, the BTC price is trading at $37,356, showing a 0.29% intraday pullback. Nevertheless, any positive news could amplify the bullish trend momentum and lead to a sharp price spike.</p>
<p><strong>Technical Indicators:</strong></p>
<ul>
 <li>EMA: A positive trend in the 50D EMA and 200D EMA indicates significant growth. Furthermore, the bullish gap between the two average lines after the golden cross suggests a strong upward trend.</li>
 <li>MACD Indicator: With a minimal bear gap between the MACD and signal lines, the downtrend movement may soon come to an end with a crossover.</li>
</ul>
<h2 id="strong-will-btc-price-enter-a-new-uptrend-rally-strong"><strong>Will BTC Price Enter a New Uptrend Rally?</strong></h2>
<p>Alongside the bull flag movement, overall market sentiment anticipates another bullish rally in the BTC price. Therefore, there is a possibility of an early reversal above the ongoing pullback stage. Additionally, the weekly trend, reflecting a strong bullish wave in motion, increases the likelihood of a rally.</p>
<p>Hence, with positive sentiments surrounding the largest cryptocurrency, the BTC price could rise by up to 12% and reach $42,000. On the other hand, the ongoing pullback may test the lower support trend line around $36,000.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/will-the-decline-in-bitcoin-soon-come-to-an-end-potential-scenarios-and-technical-indicators/">Will the Decline in Bitcoin Soon Come to an End? Potential Scenarios and Technical Indicators!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Will the Decline in Bitcoin Soon Come to an End? Potential Scenarios and Technical Indicators!

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