Last week, Bitcoin’s price surge above $38,000 led to a struggle between bulls and bears among investors. The question on their minds is whether Bitcoin will correct or if it will embark on a journey towards the $40,000 mark in the near term.
At this turning point for Bitcoin’s price, the monthly close provides important data for short-term investors. On the Bitcoin front, the allure of the untested liquidity levels below and the attractive $40,000 level above create an interesting trading range. Particularly in the futures market, neither bulls nor bears have been able to break out of an increasingly narrowing space, resulting in new daily highs that are few and short-lived.
According to TradingView data, Bitcoin showed signs of recovery after dropping to $37,100 in the last weekly close, where orders began to be filled by investors. Popular investor Skew suggested that it is now time for Bitcoin’s price to make a turnaround.
Skew also highlighted the liquidity blocks below and above the spot price of Bitcoin, pointing out that the $37,000 and $38,000 range are critical levels to watch.
With just a few days left until the end of November 2023, Bitcoin has so far shown a 7.8% increase this month, which is considered to be a fairly average performance compared to previous years. Data from the blockchain data analytics platform CoinGlass reveals that November is typically characterized by much stronger movements in the price of Bitcoin, which can be both upward and downward.