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, What can we expect from Bitcoin in the coming week? Discover it here, Forex-News, Forex-News
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What can we expect from Bitcoin in the coming week? Discover it here

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, What can we expect from Bitcoin in the coming week? Discover it here, Forex-News, Forex-News

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, What can we expect from Bitcoin in the coming week? Discover it here, Forex-News, Forex-News
, What can we expect from Bitcoin in the coming week? Discover it here, Forex-News, Forex-News

BTC has been manufacturing some gains for the past few hours, however there is no glitzy behavior yet. Not sure what to expect from Bitcoin next week, then this analysis is what you need to check out.

At the time of this writing BTC is trading at $ 35,370 accumulating a gain of 1.92% in the last 24 hours and 6.52% in the last 7 days.

Review of some key metrics

To begin with this analysis we are going to review some data on chain metrics, which can be helping us a lot to find where the probabilities are leaning.

The first one we will review is the one shared yesterday by Glassnode. In it they indicate the last adjustment of the mining difficulty which was 28%, which makes it the largest in the history of Bitcoin.

The great adjustment occurs after the massive exit of the network of miners in China, after the government of the Asian country put strong restrictions against such activity.

Despite the momentary negativity that the news could mean, due to the decrease in security and greater congestion in the network, now the adjustment seeks balance and will undoubtedly be encouraging new miners to extract BTC at a lower operating cost.

I’d also like you to look at the following metric, recently created by young analyst William Clemente. There we observe how despite the latest losses, strong hands are buying the fall, which generates a divergence between this indicator and the price, thus giving us a signal of what these investors expect from the future price.

Finally we review another metric shared by William yesterday. In this we can see how we are already possibly resuming the previous course of increasing scarcity.

The BTC reserve indicator on exchanges is lateralizing and pulling down a bit, which speaks to us of a lower liquid supply.

What can we expect from Bitcoin in the next week?

Although most of the on-chain data is hopeful, there is still fear. And it is normal, because we have not really confirmed anything that tells us that the previous uptrend is resuming.

However, the behavior observed in the weekly chart is increasingly clear. There are more and more signs that the bottom has already been reached.

The continued defense and rejection of the support between $ 30,000 and $ 32,000 speaks of bearish exhaustion, and the possibility that a new bullish momentum is about to begin.

From the weekly chart we have that the resistance that should be crossed to confirm a resumption is at $ 39,000. If this happens the price may head towards the high zone in the not too distant future.

, What can we expect from Bitcoin in the coming week? Discover it here, Forex-News, Forex-News
BTC vs USDT weekly chart. Source: TradingView.

Short-term key levels

Bitcoin has just defended support at $ 30,000 again, making us look forward to a positive week ahead.

On the daily chart BTC vs USDT we see a clear short-term bullish tilt, made up of increasingly higher lows and highs.

Even this direction does not show much confidence, and to do so it should break through the resistance at $ 36,137 (so far this is the most likely scenario).

Higher up we will find the most relevant resistance, and it is located at $ 40,500. If traversed, it would finally leave behind the great cumulative period in which the price is found.

On the bearish side, we have to lose the immediate support located at $ 33,862, it could take us back to the large support zone surrounding $ 30,000.

If support is lost at $ 30,000, then we could look for roughly $ 28,500. Further down is support at $ 26,493 and $ 23,821 respectively.

, What can we expect from Bitcoin in the coming week? Discover it here, Forex-News, Forex-News
What to expect from Bitcoin in the coming week. Chart Source: TradingView.

All our publications are informative, so in no case should they be accepted as investment advice.



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, What can we expect from Bitcoin in the coming week? Discover it here, Forex-News, Forex-News

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