Week Ahead: Bitcoin’s bull trend in question as spot ETF momentum fades
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
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
