Bitcoin’s bearish mood may disappear next week! These crucial levels could revive bullish targets

by James · November 13, 2022

The past couple of days have been a roller coaster ride for the entire crypto space, and there are no signs of stopping after FTX CEO Sam Bankman-Fried stepped down by filing for Chapter 11 bankruptcy.

Also, the huge swing due to FTX’s collapse and correlation of BTC with the stock market had come into effect as Bitcoin saw its bottom levels this week since the crash in May.

However, positive market sentiments, including the CPI data, are pushing Bitcoin towards its short-term target, as BTC may soon reach a weekly high.

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Bitcoin Is Ready To End Bearish Misery!

Following positive CPI numbers, Bitcoin price is increasing towards $18,000 as it recovers from its bearish situation caused by FTX’s collapse.

Furthermore, on-chain data provider Santiment mentioned that whale holders of BTC are rising as they rally the asset in the decline, which is a bullish sign of Bitcoin’s further price momentum.

According to Santiment, BTC holders holding more than 1 BTC have reached a peak of 848,082 in the past five months, amassing 24.8% of the total supply.

Moreover, a cryptanalyst, Opsec, predicted that the BTC price may witness a big pump soon as the price may reach a maximum area of $18.2K in the next few days.

According to him, Bitcoin is building short-term bearish momentum as retail investors are currently shorting positions with a target near the fundamental support level of $15.5K.

However, Opsec highlighted that BTC may not meet the target price of retail investors as Bitcoin may retrace downwards and make a bullish comeback from $16K.

As a result, he predicted that Bitcoin could consolidate in a bullish area near $17,000 before skyrocketing to the initial resistance level of $18.2,000.

A bullish territory for BTC price

Looking at the daily price chart, BTC is continuously trying to break its immediate resistance level of $17K to continue its bullish momentum further.

Bitcoin is currently showing signs of bullish vibes as it maintains its price in an initial bullish region of $16.5K. Bitcoin is trading at $16,888 with an uptrend of 1%.

The RSI-14 indicator is also trading in a range-bounded area near the 35 level, indicating a support zone for BTC near $16K.

The MACD line is still trading on the negative side as Bitcoin is trading below the 23.6% Fib retracement level from the current value.

Also, the Bollinger Bands are approaching as the lower limit is at $15.5K. On the other hand, the Bollinger Band upper limit is at $21.1K.

If Bitcoin goes back down and fails to hold the price above $16K, it could plunge hard below the crucial support level of $15.5K and trade near the bottom level of $13K-$14K. However, a short-term bearish rally is expected as the SMA-14 declines and trades below 50.

Bitcoin could get a rejection of $17K which could push BTC to the $16K level. From this price level, Bitcoin can take support and start a steady bull run with a goal of breaking the crucial resistance level at $21K.