Bitcoin

Reserve

Daily

<p>Bitcoin’s price came just a small step away from reaching the $100K milestone.</p>
<p>The market has been rallying aggressively following the US election, as buying Bitcoin has been one of the most profitable Trump trades. However, the cryptocurrency has retraced and is now further away from its six-digit target.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>On the daily chart, the price has been surging almost vertically since early November, and 100K BTC is likely to be witnessed soon. There is no significant observation that can be made based only on the price action. However, the RSI has been showing a massive overbought signal for a while now.</p>
<p>This could indicate that while Bitcoin is likely to hit $100K in the short term, there’s also a considerable possibility for a correction or consolidation afterward.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-Daily-Nov-25-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>Looking at the 4-hour chart, things seem to align with a possible correction scenario, as the price has been gradually rising inside an ascending channel over the past couple of weeks. Paired with a clear bearish divergence shown by the RSI, a correction seems probable.</p>
<p>Yet, any potential pullback will likely occur after the market has broken through the $100K level.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-372183" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-scaled.jpg" alt="" width="2560" height="1464" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-300x172.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-1024x586.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-768x439.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-1536x879.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-2048x1171.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSDT-4H-Nov-25-2024-50x29.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="exchange-reserve">Exchange Reserve</h3>
<p>While Bitcoin’s price is continually climbing higher, market participants are extremely optimistic that BTC will finally rise above the $100K mark. These expectations are clearly visible on the exchange reserve chart.</p>
<p>The Bitcoin exchange reserve metric measures the amount of BTC held in wallets associated with trading platforms. These BTC are generally a proxy for supply, as they can be sold at any instant.</p>
<p>As the chart suggests, the exchange reserve metric has been taking a nose dive as investors are withdrawing their Bitcoin from exchanges. This clearly indicates that market sentiment is bullish, and the statement is backed up by a significant supply shock, which could push the price much higher in the coming weeks.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-372185" src="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Bitcoin-Exchange-Reserve-All-Exchanges-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-how-deep-will-be-this-correction-as-btc-slumps-by-4k/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: How Deep Will This Correction Be as BTC Slumps by $4K?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: How Deep Will This Correction Be as BTC Slumps by $4K?

Table of Contents

CryptoPotato_News

Other articles published on Nov 25, 2024

Investor Greed may Delay Bitcoin’s Race to a $100K Milestone

Whales Drive XRP Price Increase with Major Purchases

MicroStrategy Bitcoin Bet Deepens: Analysts Predict Ownership to Hit 4% of Supply by 2033

Political Betting Contracts, Cross-Chain Communication Advances, and Crypto Payments in Detroit

XRP’s Path to $13-$27, EGRAG CRYPTO’s Bold Forecast Signals Big Gains

Binance Coin Breaks Key Resistance, Is $775 the Next Milestone for BNB?

Join our free newsletter for daily crypto updates!