Bitcoin

James

<ul>
 <li>The recent performance of Bitcoin (BTC) points to an optimistic sentiment in the market.</li>
 <li>BTC saw a significant weekly inflow of $346M, the largest in a nine-week streak, pushing the year-to-date total beyond $1.5B.</li>
</ul>
In the midst of increased regulatory scrutiny within the cryptocurrency sector, Bitcoin (BTC) has displayed a spring, maintaining a consolidation level between $36,000 and $37,000. Recent market data reveals that Bitcoin <a href="https://thenewscrypto.com/bitcoin-bulls-eye-38000-breakthrough-as-price-gains-momentum/" target="_blank" rel="noopener noreferrer nofollow">reached a new yearly high</a> of $38,307 on Friday, signaling its steadfastness in the face of ongoing challenges.
CoinShares’ latest report highlights Bitcoin’s strength, countering concerns that the regulatory issues surrounding Binance might trigger a sell-off. Contrary to expectations, the report shows a significant inflow of capital into digital asset investment products, with a weekly inflow of $346 million. This marks the largest weekly inflow in nine consecutive weeks, reflecting growing confidence in the market.
The recent surge in inflows reached $45.3 billion in total assets under management (AuM), the highest point in over a year and a half. CoinShares’ Head of Research, James Butterfill, attributes the recent surge in <a href="https://thenewscrypto.com/jim-cramer-recommends-investing-in-bitcoin-amidst-mixed-market-signals/" target="_blank" rel="noopener noreferrer nofollow">inflows to the anticipation</a> of a spot-based ETF launch in the US, stating that this is “the most significant since the bull market of late 2021.”
<h3 class="wp-block-heading" id="h-bitcoin-btc-moves-towards-47500-range">Bitcoin (BTC) Moves Towards $47500 Range</h3>
Bitcoin is displaying the Wyckoff Event and Phases in its price movements, involving six key stages: preliminary support, selling climax, automatic rally, secondary test, a misleading spring, and a bullish sign of strength. This pattern analysis suggests a potential upward trend for the cryptocurrency.
Bitcoin has completed the first five stages with a selling climax at $19,100 and is now in the sixth phase, signaling a potential shift toward a distribution phase. Also, Bitcoin’s price remains above $35,000.
The ongoing trend suggests a potential breach of $38,000 for BTC, relying on establishing 2021’s highs as a support level. That validates the current phase as a false breakout and strengthens the case for the accumulation range.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="551" src="https://thenewscrypto.com/wp-content/uploads/2023/11/image-63-1024x551.png" alt="" class="wp-image-86502" srcset="https://thenewscrypto.com/wp-content/uploads/2023/11/image-63-1024x551.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/11/image-63-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/11/image-63-768x413.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/11/image-63.png 1302w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: TradingView)
 </figcaption>
 </figure>
</div>
In the upcoming period, Bitcoin aims to surpass the crucial $40,000 level, the significant rallies in January 2021, and retested in mid-May 2021, which leads to an all-time high of $68,789 in November 2021.&nbsp;
If Bitcoin manages to break resistance levels at $37,748 and $47,500, it could open the door for additional gains, with a potential target of $50,500. Conversely, a reversal in the trend might see Bitcoin’s price <a href="https://thenewscrypto.com/bitcoin-faces-severe-selling-pressure-as-bulls-domination-fades/" target="_blank" rel="noopener noreferrer nofollow">retreat to support levels</a> of $35,500 and $31,200, with the possibility of a further decline to $28,486.&nbsp;

Can Bitcoin (BTC) Really Hit the $40K Target This Week?

Table of Contents

TheNewsCrypto

Other articles published on Nov 28, 2023

SEC Intensifies Probe into Binance US Amid DOJ Charges Against Changpeng Zhao

Gold Breakout Signals Bitcoin (BTC) Breakdown, Declares Peter Schiff in Epic Prediction

FSB points out shortcomings in multi-functional crypto-asset intermediaries highlighted by FTX co...

Bitcoin Exchange Coinbase Sent an E-Mail to Its Users About Bybit Exchange!

ETHW Price Prediction: ETHW Crypto Surpasses $3 Hurdle; What Next?

Spain Intensifies Crypto Regulation with New Tax Compliance Measures

Join our free newsletter for daily crypto updates!