This week will be crucial in determining Bitcoin’s directional bias since some traders suggest the possibility of a continued run-up while others hint at a potential reversal to $35,000 or lower. Regardless, investors need to watch out for these events in the coming week.
Weekly Overview (November 27 to December 3)
November 27
- QTUM Mainnet Upgrade
- LOOKS Open Migration To a New Contract
- YGG 5.84% of Circ. Supply Unlocked
- FLUX Announcement Hinted At Earlier This Week
November 28
- ILV PVP Beta v3 launch
- EOS' new consensus mechanism launch
- LINK staking v2.0 priority migration (News+TA)
- Icon Game Launches on Base
November 29
- IOTA announcement from the CEO (recently underwent tokeneconomics revamp)
November 30
- XRP The SEC vs. Ripply Settlement Rumored To Be Announced
- OP 2.74% of Total Supply Unlocked
- BTC COP28, UN Climate Summit (30 NOV - 12 DEC)
December 1
- Fed Chair Powell's Speech
- A Winner in FTX Bid Could be Picked in December: WSJ
- DYDX lock-up extension
- 1INCH 6.5% of TS unlocking (98 million)
- Hashdex & Franklin Spot Bitcoin ETF Second Deadline
December 3
- DYDX 150 million token unlock
Altcoins that are likely going to trend this week
- Layer 1: AVAX, ATOM, LINK, RUNE
- Gaming tokens: ENJ, AXS, APE, ILV
Also read: Bitcoin price might hit $40,000 target if Tether whales support BTC gains
Bitcoin price action questions the bull trend
With the collection of the buy-side liquidity above the November 9 wick of $39,149, the chances of a reversal for BTC are high. The top formation signs are all present – declining volume, liquidity collection, bearish divergence and so on.
From the likes of it, if BTC corrects, it is likely to visit the following support areas
- Fair Value Gap, extending from $32,833 to $30,299
- Weekly support level at $31,376.
- The psychological level at $30,000.
BTC/USDT 1-day chart
Read more: Bitcoin Weekly Forecast: Three key BTC accumulation levels before ETF approval in January 2024
While a correction seems plausible, investors need to note that any announcement regarding the approval of spot Bitcoin ETF still has the capacity to move BTC higher. So, bears need to be extremely cautious of a sudden reversal that propels Bitcoin to $40,000.
Read more: Binance trading volume hits April high despite CZ’s exit
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Week survives scare as House members scramble to advance procedural motion in a 217–212 vote
House Republicans scrambled to win over holdouts on Wednesday to pass a procedural motion for several crypto bills by a vote of 217–212. The longest House vote in history, which lasted nearly ten hours, will see the GENIUS and CLARITY bills head to the floor for final passage deliberations on Thursday.
Chainlink stabilizes as Westpac and Imperium Markets adopt LINK in Project Acacia
Chainlink (LINK) price is stabilizing at around $16.47 on Thursday after rallying 5% so far this week. LINK announced on Thursday that major institutions, including Westpac Institutional Bank and Imperium Markets, will integrate Chainlink in Project Acacia, thereby boosting institutional use cases.
Top Crypto Gainers: Solana-based meme coins FLOKI, BONK post double-digit gains, CRV targets $1
Solana-based meme coins Floki (FLOKI) and Bonk (BONK) edged lower by 2% at press time on Thursday, following the 30% gains on Wednesday, ranking as top crypto gainers in the last 24 hours. Curve DAO (CRV) ranks third with a 21% surge following a triangle setup breakout, targeting the $1 psychological level.
TRX rises 3% as SRM Entertainment rebrands to Tron Inc
TRON (TRX) gained 3% on Wednesday following Nasdaq-listed SRM Entertainment's (SRM) announcement of its rebrand to Tron Inc. as part of its shift to a TRX treasury strategy.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.