Bitcoin, the world’s leading cryptocurrency, has been consolidating above $35,000 for several days, indicating a temporary pause in its uptrend. This consolidation phase suggests that traders are hesitant to buy at higher levels, waiting for a clearer signal before committing further funds.
Despite the consolidation, several analysts remain optimistic about Bitcoin’s long-term prospects. BitGo CEO Mike Belshe believes that another round of rejections of spot Bitcoin exchange-traded fund (ETF) applications is likely before they are finally approved. However, he maintains a positive outlook, stating that “Bitcoin is still in the early stages of its adoption curve.”
Meanwhile, several altcoins have witnessed a pullback in recent days, but some are showing signs of resuming their uptrends. Fidelity and BlackRock’s applications for a spot Ether ETF suggest strong demand for investment in select altcoins, further bolstering the overall sentiment.
Bitcoin Price Analysis
Bitcoin faces significant resistance near $38,000, but the bulls have successfully prevented the price from dipping below the 20-day exponential moving average (EMA) at $35,666. A rebound from this level could see the price reach $40,000 and potentially $48,000 if buyers can overcome selling pressure.
On the downside, a close below the 20-day EMA could signal a range-bound action between $34,800 and $38,000. A break below $34,800 could open the door for a decline to $32,400.
Solana (SOL) fell below its breakout level of $59 on November 16 but found support at lower levels, indicating a potential upside move. If the price rebounds above $59, it could reach $68.20 and potentially $95. However, a break below $48 could trigger a steeper correction to $35.47.
Chainlink (LINK) has found support at its 20-day EMA ($13.42), suggesting that lower levels continue to attract buyers. If the price breaks above $15.38, it could reach $16.60 and potentially $20. However, a break below $13.36 could lead to a fall to the support line.
NEAR Protocol (NEAR) broke above the formidable resistance of $1.72 on November 17, signaling a potential trend change. If the price sustains above this level, it could reach $2.40. However, a break below $1.72 could indicate a return of selling pressure.
As Bitcoin consolidates, several altcoins are showing signs of resuming their uptrends. Fidelity and BlackRock’s applications for spot Ether ETFs further support the overall positive sentiment. Investors should carefully analyze price charts, technical indicators, and fundamental factors before making any investment decisions.