#BTC UPDATE
BTC recently encountered a significant resistance level at $36,000 and experienced a subsequent decline. The next crucial support levels to monitor are around $33,500. If Bitcoin manages to hold above this support, our next target could be $40,000. However, if it fails to maintain this support, Bitcoin might drop to a range between $20,000 and $24,000.
Over the past five months, November has not been a particularly favorable period for Bitcoin, with only the year 2020 standing out as a positive exception. There's a possibility that Bitcoin may repeat this historical pattern.
In a longer-term perspective, Bitcoin has been indicating signs of being overbought. Historically, we've observed smaller bull rallies occurring before the halving periods, during which Bitcoin's value often doubled or more from its lowest price after the previous rally. A similar trend was noticed in 2020.
Currently, there's an evident panic selling sentiment, reflected in the volume candles. It's important to avoid making hasty selling decisions. If Bitcoin breaks below $33,500, it might be an opportunity to consider a short position. Conversely, if it rebounds from this support, going long could be a favorable option.
