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Bitcoin’s price climbs towards $40,000, signalling a bullish market recovery ahead. Despite initial doubts from investors, the swift recovery to $40,000 could signify the conclusion of the bearish season. It’s worth noting that abrupt declines in cryptocurrency values are not rare and are often linked to miners’ activities.
Recent statistics indicate a positive outlook as miners anticipate an increase, amassing 583 BTC. Furthermore, substantial withdrawals from exchanges suggest a potential halt in selling pressure, paving the way for reaching $40,000 this month. Market data shows active purchase orders for 55,000 BTC and 43,000 BTC on the selling side, supporting upward price movement due to strong bullish backing.
CRYPTO BREAKING NEWS
Bitcoin Miners Stop Selling as Price Nears $40,000. BTC is currently hovering around $35,000 and the $40,000 target is now closer than ever. This level could confirm the end of the bear market. The … check us out @ https://t.co/8dh137aX4R pic.twitter.com/rfsVaDg1rd— InnovatekMobile (@Neome_com) November 6, 2023
The persistent appreciation in the value of Bitcoin indicates the continuous inflow of buy orders in the market. As of now, Bitcoin’s price hovers below the $36000.00 major level as it encounters selling pressure from the resistance.
Bitcoin Miners Stop Selling as Price Nears $40,000 https://t.co/0k3g9v9zAi
— COINTURK NEWS (@Cointurknews) November 6, 2023
The market’s order flow is currently bullish on the daily chart. However, according to the RSI (Relative Strength Index), a bearish correction is impending. BTCUSD is likely to enter the liquidity void at the discount zone before the uptrend is resumed.
Key Bitcoin Levels To Watch – November 6
Resistance Levels: $36000.00, $41020.00, $48240.00
Support Levels: $31862.00, $28661.00, $24750.00
BTC Metrics
Total Market Capitalization: $1.27T
Bitcoin Market Capitalization: $682B
Bitcoin Volume: $13.6B
Market Rank: #1
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