- According to popular crypto analyst Ali Martinez, Bitcoin whales started taking profits on November 3rd and benefited from BTC rising from $35,000 to almost $38,000.
- The next support level is at $36,400, and if the price falls below this level, it could lead to further correction down to $30,200.
- Analysts predict that Bitcoin may follow this signal soon and could reach up to $40,000 in the coming days.
Bitcoin price corrects after rally to $38,000: Will BTC price drop further? Analysts’ comments!
Bitcoin Price Corrects After the Rally
In the last two days, the price of Bitcoin has come under strong selling pressure, experiencing a 3% drop to $35,000. This indicates a strong correction for Bitcoin after reaching $37,000 last week and prompts investors to be cautious about current developments.
The recent selling pressure came after Bitcoin whales took significant amounts of cash last week. According to popular crypto analyst Ali Martinez, Bitcoin whales started taking profits on November 3rd and benefited from BTC rising from $35,000 to almost $38,000. During this period, each holding more than a thousand BTC sold or redistributed their holdings.
Ali Martinez also notes that the Bitcoin network has slowed down. The rise in BTC price and the slowdown in network growth raise concerns about a potential lack of momentum to sustain the upward trend. This decline between the price of BTC and network growth serves as an on-chain selling signal that traders need to consider, he added.
With today’s price drop, Bitcoin has surpassed the critical support level of $36,400. The next support level is at $36,400, and if the price falls below this level, it could lead to further correction down to $30,200.
Positive Developments for BTC
US CPI data indicates a slight easing of inflation, providing support to the stock markets. Analysts predict that Bitcoin may follow this signal soon and could reach up to $40,000 in the coming days.
Popular analyst Michael van de Poppe mentioned that Bitcoin is in search of support and a test in the range of $34,800 to $35,200 could provide additional strength for a move towards the peak.
Meanwhile, the SEC will announce its decision on spot Bitcoin ETF approval by November 17. Cathie Wood of Ark Invest expressed that the likelihood of approval for a spot Bitcoin ETF has increased, pointing to interactions between the SEC, ARK, and BlackRock.
