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, 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?
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Chart Pattern Points to Upcoming Correction
A rising channel pattern is leading the current consolidation trend.
A breakdown below the channel pattern would set the coin price for a quick 8bi% jump
The intraday trading volume in Bitcoin is $17.9 Billion, indicating a 28% gain.
Source-Tradingview
Starting from its low point on October 12th at $26,560, the Bitcoin price saw an impressive rally of 35.6%, reaching a 16-month high of $36,000. However, this horizontal level coincides with the resistance
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