Summary:
DonAlt, a prominent crypto trader, sees the current scenario as ambiguous and the weekly close as a bearish retest.
Another trader compared the current situation to the third quarter of 2023, where two major retests of key support occurred following months of consolidation below resistance.
Key resistance levels are noted at $30,000 in 2023 and $70,000 now.
Bitcoin's price pushed above $63,000 on Monday, with Bitcoin spot ETFs seeing inflows of $73 million.
Large transaction volume and exchange netflows have also decreased, indicating potential profit-taking by investors.
The influence of Bitcoin as an institutional asset class is expected to be a key topic at Benzinga's Future of Digital Assets event on November 19th.
Bitcoin's recent price rebound has sparked mixed reactions from traders and analysts about its near-term prospects. DonAlt, a prominent crypto trader, sees the current scenario as ambiguous and the weekly close as a bearish retest. Another trader compared the current situation to the third quarter of 2023, where two major retests of key support occurred following months of consolidation below resistance. Key resistance levels are noted at $30,000 in 2023 and $70,000 now. Despite the volatility, Bitcoin's price pushed above $63,000 on Monday, with Bitcoin spot ETFs seeing inflows of $73 million. Large transaction volume and exchange netflows have also decreased, indicating potential profit-taking by investors. Despite these bullish indicators, some traders remain cautious about the long-term trajectory of Bitcoin's price. The influence of Bitcoin as an institutional asset class is expected to be a key topic at Benzinga's Future of Digital Assets event on November 19th.
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