\nBitcoin Price Prediction: A potential breakout from $38000 would increase the buying pressure in the market.\t\t\t\t<\/p>\n
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Bitcoin Price Prediction: The Bitcoin price<\/a> recovery encountered a notable hurdle near the $38,000 mark, causing the trend to move sideways throughout the latter half of November. Over the past two weeks, the BTC price has made several unsuccessful attempts to breach this resistance, signaling a weakening in bullish momentum. However, an expanding channel pattern, which offers dynamic support to buyers, presents a potential avenue for lifting the coin from this period of uncertainty.<\/span><\/p>\n <\/p>\n Also Read: Macro Guru Predicts Timeline For Bitcoin (BTC) Price Reaching $100K<\/a><\/p>\n The crypto market has experienced heightened volatility in the past fortnight, triggered by developments related to the delayed Bitcoin spot ETF and legal issues surrounding Binance<\/a>.\u00a0<\/span><\/p>\n Consequently, the BTC price has struggled to surpass the $38,000 mark, resulting in a period of sideways movement. Nonetheless, amidst this consolidation, the coin price continues to adhere to the formation of an expanding channel pattern, which has guided a rally over the past five weeks.\u00a0<\/span><\/p>\n<\/blockquote>\n <\/p>\n The price is currently oscillating within the two diverging trendlines of this pattern, showcasing its substantial impact on market dynamics. Should the lower trendline\u2019s dynamic support assist in a breakout above $38,000, buying pressure could surge, potentially propelling the recovery past the $40,000 mark.\u00a0<\/span><\/p>\n Conversely, a breakdown below this support trendline might trigger a notable correction in the leading cryptocurrency.<\/span><\/p>\n A well-known Crypto Analyst, CryptoBusy, recently highlighted in an \u2018X\u2019 post<\/a> the de-correlation of Bitcoin with certain altcoins, using reliable market data from Kaiko. Over the last 60 days, Bitcoin has exhibited noticeable de-correlation with major altcoins, particularly XRP and BNB registering the largest drop, while DOGE and ADA experienced the least.<\/span><\/p>\n <\/p>\n This de-correlation could likely stem from escalating uncertainty among crypto participants, influenced by significant events in November.<\/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>\nCan $BTC Rise Above $40000?<\/b><\/h2>\n
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De-correlation Between Bitcoin and Altcoins<\/b><\/h2>\n
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