Week Ahead: Bitcoin’s bull trend in question as spot ETF momentum fades

Akash Girimath FXStreet

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

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.

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.