Last week, after surpassing the $38,000 mark, Bitcoin’s price witnessed a tug-of-war between bulls and bears among investors, following movements above this level. Investors are curious whether Bitcoin will undergo a correction or embark on a journey towards the $40,000 level in the near term.
At this turning point in Bitcoin’s price, the monthly closing provides significant data for short-term investors. On the Bitcoin front, untested liquidity levels on the downside and the allure of the $40,000 level on the upside create an interesting trading range. Particularly in the futures market, neither bulls nor bears have managed to break out from an increasingly narrow range, resulting in daily new highs that are few and short-lived during this period.
According to TradingView data, Bitcoin showed recovery after dropping to $37,100 in the last weekly close, where orders started to be filled by investors. Popular investor Skew mentioned that it’s now time for Bitcoin’s price to make a turnaround.
Skew also emphasized the importance of monitoring the $37,000 and $38,000 range, highlighting liquidity blocks below and above the spot price of Bitcoin as critical levels to watch.
With only a few days left until the end of November 2023, Bitcoin has shown an increase of 7.8% so far this month, which is considered quite an average performance compared to previous years. Data from the blockchain data analytics platform CoinGlass indicates that November has typically been characterized by much stronger movements in the Bitcoin price, which can be both upwards and downwards.
