BTC/USDT analysis

BTC is now taking support from 37700 aria now retesting if successful then it will pump to 38200,38600,39200,40000k+ but this support break and retest..
Then expected dump to 37350,36900,36500 ..

Today, we're exploring key cryptocurrency trends that are making waves in 2023 and expected to continue into 2024.

These trends highlight both opportunities and challenges for the industry and investors in today's economy. And hopefully, this close examination will give you a clearer picture of the evolving crypto landscape, no matter if you’re a newcomer or seasoned crypto investor.

Crypto Trend No. 1: The Continued Domination of DeFi

The development and growth of the decentralized finance sector was the main narrative of the last bull run. According to Coingecko, DeFi’s market cap was reported to be $52 billion so far in 2023, with expectations of further growth attributed to the adoption of DeFi-based services and trends.

The total value locked — which represents the liquidity and thus use of a platform or sector — in DeFi reached an impressive $83.3 billion in Q1 2023, further indicating the growing demand and trust in DeFi protocols.

To me, this is bullish. DeFi continued developing even during the bearish and neutral long-term cycles. And it’s not done yet.

📈 Crypto Analysis Update: BTC Breakout Potential!

Hey Crypto Community,

🚀 BTC has held its ground, aligning precisely with the trendline support. 📉 After successfully hitting our designated Take Profit levels, exciting times lie ahead!

🎯 Resistance Levels to Watch:
BTC now faces a critical juncture as it eyes a breakout to unleash further upward momentum. The upcoming challenge lies in surpassing the robust resistance at the $36K mark. This level is not just a number; it's a battleground that could pave the way to $36,400, $36,800, and beyond.

🧐 Why is $36K Crucial?

Historical significance: It has acted as a pivotal point in previous trends.
Psychological impact: Traders closely watch round numbers, creating a psychological hurdle.
📊 Technical Insights:

Keep a close eye on key indicators and oscillators for confirmation.
Volume analysis is crucial – a breakout with substantial volume adds credibility.
🤔 What's Next?
The crypto arena is dynamic, and possibilities abound. Share your insights and thoughts. Is this the beginning of a new bullish phase? Let's decode the charts together!

🔔 Stay tuned for real-time updates! Turn on notifications to catch the latest market movements.

Cheers to profitable trades and navigating the crypto waves! 🌊🌐

#CryptoAnalysis #BTC #CryptoCommunity #TechnicalAnalysis 🚀💰

Additional positive macroeconomic forces could help Bitcoin in the short term. Namely, the latest Consumer Price Index data, which was released today.

The forecasts put inflation at 3.3% year over year, and the report revealed that inflation came in just under at 3.2%.

Higher interest rates compete with risk assets for investor dollars, so to see inflation numbers come in lower than anticipated could give Bitcoin a boost, though we haven’t seen that manifest just yet.

But looking to the long/short ratio gives us another clue.

The long/short ratio is 48% long to 52% shorts. Since the CPI print came in bullish, there is a strong possibility of a short squeeze upward back to $37,000.

Still, CPI numbers are likely only to move Bitcoin in the short term. Much more significant to price action will be the approval of a spot Bitcoin ETF.

The next application up for approval is Hashdex Bitcoin ETF with a deadline of Nov. 17, followed by Global X Bitcoin Trust with a deadline of Nov. 21.

If either gets approved by next Tuesday, then we’ll likely see Bitcoin continue its industrious uptrend. If not, then we are more likely to see an actual correction as the next opportunity for an ETF approval isn’t until January 2024.

But don’t let the word “correction” get you down. We are officially transitioning into a bull market, which means corrections are buying opportunities.

And not just for Bitcoin!

As BTC trades sideways, certain altcoins will outperform the market significantly. This is the moment where massive profits are possible — when select altcoins are trading near their bear market lows … and have plenty of room before hitting their previous all-time highs!#BTC #CryptoTradingTip #BinanceSquareInsight

#MyFirstFeedPost Hello, Binance Square! It would seem that Bitcoin has finally run out of gas. After surging up from just under $27,000 on Oct. 16, BTC peaked just under $38,000 last Thursday. It’s been moving slowly downward since, with prices recently near $36,100.

This makes sense. After all, nothing goes up in a straight line and no asset can sustain a rally indefinitely.

The recent price action, $32,000 should act as solid support if Bitcoin does end up correcting more. Overhead resistance is still at $38,000, the level that rejected and halted Bitcoin’s advance next week.