27.11.202310:42 Forex Analysis & Reviews: Technical Analysis of BTC/USD for November 27, 2023

Crypto Industry News:

In a post on X, the co-founder of BitMEX encouraged other Bitcoin enthusiasts to take action, emphasizing the significant increase in liquidity in US dollars. He suggested that BTC would likely reflect an increase in dollar liquidity, leading to a spike in its price.

As Hayes points out, the increase in liquidity shows the changing dynamics in financial markets. Bitcoin investors and enthusiasts observing liquidity can predict its potential impact on the cryptocurrency market.

While the BitMEX co-founder highlighted the link between dollar liquidity and Bitcoin's price, dharmafi's data reinforces the impact of an increase in liquidity. The $106 billion increase in net liquidity since November 21 has raised questions about the potential impact on various asset classes, including cryptocurrencies.

Meanwhile, Yellen, skeptical of Bitcoin, admonished cryptocurrency exchanges to comply with the law, speaking to Reuters at a meeting of G20 finance ministers and central bank governors. Yellen emphasized the importance of compliance in the digital currency industry, emphasizing the need to comply with regulations to operate in the US financial system.

Technical Market Outlook:

The BTC/USD pair has bounced from the technical support located at the level of $35,640 and made a new swing high located at $38, 456. Any violation of this level would extend the rally towards the next target seen at $40,000. The intraday technical support is seen at the level of $35,640 and the intraday technical resistance is located at $37,770 and $38,028. The strong and positive momentum on the H4 time frame chart support the short-term bullish outlook for BTC.

Weekly Pivot Points:

WR3 - $45,191

WR2 - $40,087

WR1 - $39,050

Weekly Pivot - $36,555

WS1 - $34,731

WS2 - $32,234

WS3 - $27,915

Trading Outlook:

The bulls have successfully breached the pivotal level of $25,442, marking a significant shift in the mid-term outlook for BTC towards a bullish trajectory. The next objective for the bulls is set at $40,000. The potential for a sustained long-term uptrend remains, provided the critical level of $19,572 is not decisively violated.