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Bitcoin (BTC) Price Analysis for November 10

Price Predictions
Wed, 11/10/2021 - 15:41
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Denys Serhiichuk
Have bulls gained enough power to rise to $70,000?
Bitcoin (BTC) Price Analysis for November 10
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bears are becoming more active as the majority of the coins are in the red zone again.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

After a sharp rise of Bitcoin (BTC), the growth has stopped and the main crypto has fallen by 1.49% over the past 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has fixed below the vital level of $67,000. The fall is supported by an increasing selling volume, which means that the decline may continue.

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If such a scenario occurs, there is a high chance to see a test of the liquidity zone around $65,900 soon.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Yesterday morning, the Bitcoin price reached its absolute maximum at the level of $68,560. After that, trading volumes decreased and the bulls did not manage to continue their growth to the area of $70,000. In the second half of the day, sellers activated, and the pair rolled back to the support area of $66,500.

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Buyers tried to restore the price to the previous level tonight, but the attempt was unsuccessful. Currently, the price of BTC is still in the area of weak support at $66,500. If the bears push this level, then a rollback to the $64,895 area is possible.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) could not keep the rise and get to another crucial level at $70,000. At the moment, bulls need to come back above $67,000 for further growth. In another case, BTC may test $64,300 soon.

Bitcoin is trading at $66,502 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.