Bitcoin is stuck between $35,000 and $38,000

For the past week, Bitcoin remained choppy between $35,000 and $38,000. During this period, there was no significant change in the number of Bitcoin addresses with balances exceeding 1,000 BTC; however, the number of Bitcoin addresses with balances exceeding 100 BTC rose a bit (in fact, it has been trending up slightly since 11th November 2023). In addition to that, technicals like RSI, Stochastic, and MACD continue to develop bearish structures on the daily time frame, with ADX reflecting a decreasing bullish momentum. Overall, our short-term view is mixed. Therefore, until the forecasting clarity improves, we will continue to wait on the sidelines.

Illustration 1.01
Illustration 1.01 shows the daily chart of BTCUSD. If the price breaks above Resistance 1, it will be bullish and increase the odds of Bitcoin testing the $40,000 price tag. Contrarily, a breakdown below $35,000 will be bearish.

Technical analysis gauge
Daily time frame = Slightly bearish
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.

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DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.