As traders increased their bullishness on Bitcoin (BTC) prices, the cryptocurrency remained near $38,000 at the end of the week on Nov. 26.
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Bitcoin buyers leave no room for bears to maneuver
Cointelegraph Markets Pro and TradingView data showed a typical flat weekend for Bitcoin, with no significant volatility as the weekly close drew near.
Recent days saw Bitcoin reach new 18-month highs, leading some to suggest that the top cryptocurrency could continue to rise.
One of these people was Credible Crypto, a popular trader and analyst, who noted that buyers were absorbing any sell orders near the local highs.Low open interest (OI) on derivatives markets and strong spot demand also suggest that Bitcoin could soon move higher.
“Overall I think that dips here may be even shallower than originally anticipated due to the lack of OI to cause liquidations and the clear spot demand we are seeing at these levels,” Credible Crypto wrote on X (formerly Twitter).
Credible Crypto even suggested that his previous forecast of a return to $36,900 — a mere 2.1% drop from the current spot price — may not be necessary.
BTC price prints key Ichimoku setup
Titan of Crypto, another market commentator, was also optimistic about the near future. He examined the Ichimoku Cloud indicator and noticed a rare occurrence on the Bitcoin weekly chart – a clean breakout of its key components.
The lagging span, Chikou, which was measured 26 weeks ago, was now both above price and at the top of the Kumo Cloud. In addition, Tenkan-sen and Kijun-sen displayed a renewed uptrend, making a highly promising picture for an upside continuation, according to Titan of Crypto.
“Pay attention to the last two weekly candles. Wicks suggest that bulls are pushing back,” he said as part of his X commentary on Nov. 25.
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