- Bitcoin price sees an uptick, with buyers returning to the scene, forming a bullish breakout towards $65,087.
- Ethereum price sees bulls preparing breakout towards $4,646, targeting new all-time highs.
- XRP price is stuck in a bearish triangle, but bulls are slowly but surely stepping up their game.
Bitcoin price sees bulls returning to the scene on Thanksgiving as investors see buying opportunities across the board in cryptocurrencies. Ethereum price sees momentum even building towards a bullish breakout with buy-side volume under excessive bidding. Although XRP is lagging, it is still stuck in a bearish triangle, the higher lows show a bullish inflow into the currency.
Bitcoin price regains control above the monthly pivot, with an uptick in buy-side flow
Bitcoin (BTC) price was under siege by bears after making new all-time highs at the beginning of November. As price started to fade quite quickly, bears gained control of a few fundamental technical indicators with the monthly pivot, the 55-day Simple Moving Average (SMA) and a break below the Fibonacci level at $59,586. But there are signs of change as more inflows are seen coming in and an uptick in the Relative Strength Index (RSI), away from oversold.
BTC price sees bulls in a festive mood awaiting their turkey in the oven, as bulls regain control above the monthly pivot at $57,335. The lift came with the bounce of the descending short-term trend line from November 21. As the inflow should continue throughout the day, expect a test and possibly reclaim the Fibonacci level at $59,586.
BTC/USD daily chart
Expect investors to spot the uptick in later sessions by starting to buy in greater volumes. This will spiral into a squeeze and pop above the descending trend line from November 10, with a run-up towards $65,087 even possible. As markets will probably shift towards more risk-off, expect this to attribute to some tailwinds for Bitcoin, lifting price further up by next week with a retest of new all-time highs above $69,123.