\nBitcoin Price Prediction: The overhead supply pressure hints the BTC price could\u00a0witness significant correction\t\t\t\t<\/p>\n
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Bitcoin Price Prediction: From the beginning of November, the Bitcoin price faced increased volatility, with resistance around the $36,000 mark causing a pause in its bullish recovery. Over the past two weeks, the coin price has primarily traded sideways<\/a>, indicating strong selling pressure from above, as evidenced by higher price rejection candles on the daily chart. Could this newfound supply lead to another correction?<\/span><\/p>\n <\/p>\n ALos Read: Cathie Wood Bets on Bitcoin Amid Market Woes, Know More Here<\/a><\/p>\n Starting from its low point on October 12th at $26,560, the Bitcoin price<\/a> saw an impressive rally of 35.6%, reaching a 16-month high of $36,000. However, this horizontal level coincides with the resistance timeline of a long-developing wedge pattern, posing a significant challenge for market buyers.\u00a0<\/span><\/p>\n Consequently, market volatility increased, resulting in the formation of several neutral candles on the daily chart. Yet, a closer look at lower time frames reveals this consolidation between two ascending trendlines, forming a rising channel pattern. With this pattern intact, the coin price may continue to move sideways, fluctuating between the $36,000-$35,000 range.<\/span><\/p>\n<\/blockquote>\n Taking a pessimistic perspective, if sellers manage to break below the pattern\u2019s lower trendline, the BTC price could face a bearish correction in the short term. According to the Fibonacci Retracement Tool<\/a>, key support levels to watch include $33,270 (aligned with the 23.6% FIB) and $32,000 (aligned with the 38.2% FIB).\u00a0<\/span><\/p>\n A drop to these levels could still be seen as part of a broader bullish momentum for potential recovery above $36,000.<\/span><\/p>\n <\/p>\n For over a year, the BTC price has adhered to a bullish trajectory, confined within the structure of a rising wedge pattern. With the recent recovery, the coin\u2019s price has reached the upper trendline, encountering increased selling pressure. Historical data suggests that retesting this upper trendline often leads to accelerated selling pressure, resulting in a correction back to the lower trendline. Therefore, if the pattern continues to play out, the next correction phase in the BTC price could bring it back to the $30,000 mark.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nChart Pattern Points to Upcoming Correction<\/b><\/h2>\n
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Will BTC Price Drop to $30000?<\/b><\/h2>\n
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