As the month of November is ready to begin, Bitcoin has achieved a cycle upwards in value for nearly a week which will get the attention of speculators.
BTC/USD is trading near the 20,500.00 mark as of this writing. On Monday the 24th of October BTC/USD was trading below the 19,200.00 realm. The past week of trading has seen Bitcoin establish a solid move upwards with highs being achieved on Wednesday of last week and this Saturday over 21,000.00 momentarily. Nervous suspicion is likely still strong for many speculators regarding BTC/USD because of the past year of trading and it is difficult to brush those worries aside.
One Year Ago Things were very Different in Bitcoin
As the month of November begins it is time for a reminder regarding where BTC/USD value was one year ago. On the 9th of November 2022 BTC/USD was trading near a price of 68,450.00 and while influencers may try to brush this comparison away and say Bitcoin is a long-term investment, retail traders are hard pressed to make a similar argument. The daily gyration of BTC/USD is the major concern for speculative traders and a bullish trend remains hard to pursue.
Yes, the past week has seen another turn up for BTC/USD, but until a trend upwards is created that ignites speculative frenzy and almost a blind lust for profit again, Bitcoin may remain under a shadow which creates a rather choppy technical chart. Influencers will argue that the trend has proven BTC/USD has strong support near the 18,000.00 mark, but this does not help day traders if they have gone long the cryptocurrency when it has broken above 21,000.000 and it fails to hold this ratio.
Selling BTC/USD when it hits resistance may remain the bet of the day for traders who still do not believe Bitcoin is ready to break out of its price slump.Having started its stark downturn in November of 2022, this month of trading should be watched carefully as a comparison.
Last Week’s Results were also Exhibited in Late August and Early September 2022
While last week’s test of 21,000.00 may have sparked optimistic comments from its backers, BTC/USD it should be reminded tested this value in late August and early September of this year. A simple three month chart shows higher values have been seen in the recent past and faced a wall of selling pressure. If BTC/USD is not able to trend above the 21,000.00 mark in the near-term this may actually turn into a negative indicator of behavioral sentiment, which simply doesn’t think Bitcoin is capable of traversing near the 21.500.00 or the 22,000.00 ratios soon.
BTC/USD Outlook for November:
Speculative price range for BTC/USD is 18,100.00 to 24,490.00.
Trading of BTC/USD remains locked within a battle of sentiment. Yes, BTC/USD has the ability to climb fast and produce astounding results in a rocket like manner, but it also has the ability to fall fast and destroy buying positions and ruin trading accounts. Sellers of BTC/USD who do not trust the recent price action higher may be tempted to remain bearish.
If BTC/USD is not able to maintain its current value stance and falls below the 20,000.00 in the near-term, some speculators could not be faulted for believing the 19,900.00 to 19,800.00 marks are goals. A fall below 19,500.00 if it develops could spark additional selling and anything below the 19,100.00 mark would be a negative signal. On the 25th of October BTC/USD was trading near the 19,125.00 mark.
There is no doubt bullish traders of BTC/USD remain abundant and long term believers in the importance of the cryptocurrency. If BTC/USD can sustain a near-term price above the 20,500.00 mark and test higher ratios near the 20,700.00 to 20,900.00 junctures this could be significant. However for this upward trend to build confidence, prices in Bitcoin will need to be sustained for at least a couple of weeks. Short term nosedives do not help behavioral sentiment in BTC/USD, and until the 21,000.00 value is toppled and held, buyers may see momentum upwards stop generating. If Bitcoin can push up and penetrate the 22,000.00 level this would be of interest, but again BTC/USD needs to prove it has staying power which speculators can trust.