Bitcoin's Price Has Risen by About 30% Since the Start of the Month – Action Forex


As the BTC/USD chart indicates:

→ At the start of November, Bitcoin’s price was around the $70,000 level.

→ Today, a single coin is trading for approximately $92,000.

On 12 November, when we last analysed Bitcoin’s price, we:

→ Highlighted factors driving bullish sentiment.

→ Identified a long-term ascending channel.

→ Predicted a potential correction after surpassing the psychological $90k level.

fxopen2024111821-600x330 Bitcoin's Price Has Risen by About 30% Since the Start of the Month - Action Forex

Now, let’s focus on the technical analysis of the hourly BTC/USD chart, which shows that:

→ Since 5 November (when confirmations of Trump’s election victory started emerging), the price has formed a steep ascending channel (marked in blue).

→ Indeed, the bulls failed to firmly establish themselves above the psychological level, resulting in a correction (marked with a red arrow) last week.

→ The lower boundary of the blue channel acted as support (indicated by the black arrow), allowing the bulls to attempt a trend recovery and achieve their first milestone—breaking a local descending trendline (marked in red).

It is possible that bullish progress will continue, potentially bringing Bitcoin closer to the significant $100,000 mark per coin.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.



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