In our Bitcoin (BTC) price analysis for November 16, we will be looking at the possibility of a price rally towards the $40,000 zone. According to live data from CoinMarketCap, it looks like the bears (sellers) are taking over the market.
Per the data, the global crypto market cap has dropped by 4.27% over the last 24 hours, crashing to 1.37 trillion. However, the general sentiment in the market remains bullish as the Crypto Fear & Greed Index rests at 77 today.
Bitcoin (BTC) price analysis
Regardless of the bullish sentiment, BTC has shed 4.25% of its value in the last 24 hours. On the hourly chart, it can be observed that the price of the token might have found local support of $36,701.
If the bears continue to dominate the market, then traders can expect to see a further price drop below the $36,500 zone.
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Source: TradingView
Following yesterday’s closure on the bullish side, bulls could not keep up with the trend. By the end of the week, there’s a chance we’ll see a test of the recently formed support level at $35,388 if nothing changes by the end of the day.
Source: TradingView
Looking from the midterm point, the price of Bitcoin does not have enough momentum to ignite a rally, so it will be too early to make any predictions.
Nevertheless, if the price of the coin rises back to the $38,000 level and stays there, then traders can expect a resistance breakout, and subsequently a test of the $40,000 zone soon.
Bitcoin (BTC) price today
Meanwhile, data from Coinstats shows that the price of Bitcoin at the time of writing is $35,964. What is more, Bitcoin has a 24-hour trading volume of $37,608,875,575 ($37.6 billion).
Furthermore, Bitcoin continues to lead the global market as the largest cryptocurrency by market capitalization with a live market cap of $702,895,216,777 ($702.8 billion). Finally, Bitcoin has a circulating and maximum supply of 21 million BTC tokens.
Read more:
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.