Bitcoin (BTC) held near $38,000 into the Nov. 26 weekly close as traders boosted their BTC price optimism.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin buyers give bears no room for maneuver

Data from Cointelegraph Markets Pro and TradingView showed a typically flat weekend for Bitcoin, with classic volatility yet to hit as the weekly close approached.

#Bitcoin Straightforward and slow weekend.

After setting new 18-month highs in recent days, some argued that the largest cryptocurrency showed encouraging signs for upside continuation.

Among them was popular trader and analyst Credible Crypto, who eyed buyers absorbing any sell volumes near the local highs.

Along with open interest (OI) on derivatives markets staying low and spot demand remaining steady, the stage could be set for the next move higher.

“Overall I think that dips here may be even more shallow than originally anticipated due to the lack of OI to induce liq flushes and the clear spot demand we are seeing at these levels,” part of a post on X (formerly Twitter) read.

“We have some potential liquidations above 38k and some below 37.5k, but the amount of open positions here is relatively low — so not expecting huge volatility in either direction until our breakout unless spot flows shift dramatically.”

Bitcoin exchange market data chart. Source: Credible Crypto/X

Credible Crypto concluded that even his previous forecast of a return to $36,900 — itself just a 2.1% drop from the current spot price — may not come to pass.

BTC price prints key Ichimoku setup

Equally buoyant on the immediate future was fellow market commentator Titan of Crypto.

Related: ‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024