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Bitcoin (BTC) Price Slips: Consolidation Before Another Breakout?

Published 11/17/2023, 07:45 PM
© Reuters. Bitcoin (BTC) Price Slips: Consolidation Before Another Breakout?
BTC/USD
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  • Bitcoin may hold on to the support at $35,687, and propel a breakout.

  • If BTC falls below the volume-weighted average price, then $35,600 could be a good entry before another rally.

  • Open Interest increased as traders are targeting BTC to rise above $45,000 in the mid-term.

Daan Crypto, a trader and analyst, told his 349,200 followers on X that the current market shakeout and Bitcoin (BTC) correction should not dampen the community’s spirit. According to Daan, corrections are normal, especially when upticks have had an extended period of stay.

While preaching caution, he also mentioned that another breakout may be on the way for BTC. Above the post, Daan shared a BTC chart, where he discussed the possible coin performance for the rest of this month.

From the chart shared, Daan noted that Bitcoin, irrespective of selling pressure, may hold on to the $35,687 support. To arrive at this conclusion, the analyst considered the Volume-Weighted Average Price (VWAP).

The post Bitcoin (BTC) Price Slips: Consolidation Before Another Breakout? appeared first on Coin Edition.

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