March 1, 2024

Bitcoin bulls hold firm into weekly close: BTC price eyes $39.3K

BTC price action is giving various popular market participants cause to prepare for upside BTC price continuation.

Bitcoin (BTC) held near $38,000 into the Nov. 26 weekly close as traders boosted their BTC price optimism.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin buyers give bears no room for maneuver

Data from Cointelegraph Markets Pro and TradingView showed a typically flat weekend for Bitcoin, with classic volatility yet to hit as the weekly close approached.

After setting new 18-month highs in recent days, some argued that the largest cryptocurrency showed encouraging signs for upside continuation.

Among them was popular trader and analyst Credible Crypto, who eyed buyers absorbing any sell volumes near the local highs.

Along with open interest (OI) on derivatives markets staying low and spot demand remaining steady, the stage could be set for the next move higher.

“Overall I think that dips here may be even more shallow than originally anticipated due to the lack of OI to induce liq flushes and the clear spot demand we are seeing at these levels,” part of a post on X (formerly Twitter) read.

“We have some potential liquidations above 38k and some below 37.5k, but the amount of open positions here is relatively low — so not expecting huge volatility in either direction until our breakout unless spot flows shift dramatically.”

Bitcoin exchange market data chart. Source: Credible Crypto/X

Credible Crypto concluded that even his previous forecast of a return to $36,900 — itself just a 2.1% drop from the current spot price — may not come to pass.

BTC price prints key Ichimoku setup

Equally buoyant on the immediate future was fellow market commentator Titan of Crypto.

Related: ‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024

In an analysis that leveraged the Ichimoku Cloud indicator, Titan of Crypto spied a clean breakout of its key components in a rare event for the Bitcoin weekly chart.

Ichimoku’s lagging span, Chikou — as measured 26 weeks prior — was now both above price and at the top of the Kumo Cloud. Together with Tenkan-sen and Kijun-sen displaying a renewed uptrend, the picture looked highly promising for upside continuation, Titan of Crypto concluded.

“Price action wise pay attention to the last 2 weekly candles. Wicks indicate bulls are pushing back,” he summarized in part of accompanying X commentary on Nov. 25.

“The momentum is up, $39.3k is next.”

BTC/USD 1-week chart with Ichimoku Cloud features highlighted. Source: TradingView

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.