Bitcoin (BTC) Price Analysis for November 16
Bears are becoming more powerful, according to CoinMarketCap.
BTC/USD
Unlike other coins, the rate of Bitcoin (BTC) has risen by 1.33% over the last day.
On the hourly chart, the price of BTC might have found a local support level of $36,701. However, if the sellers’ pressure continues, traders are likely to expect a further drop to the $36,500 zone soon.
Bulls could not keep the rise after yesterday’s bullish bar closure. If the situation does not change by the end of the day, there is a chance to see a test of the recently formed support of $35,388 by the end of the week.
From the midterm point of view, it is too early to make any predictions, as the price of BTC does not have enough energy for a further move.
However, if the rate gets back to the $38,000 area and fixes there, one can expect a resistance breakout, followed by a test of the vital zone of $40,000 shortly.
Bitcoin is trading at $36,552 at press time.