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Bitcoin’ weekend surge may signal an imminent market correction ahead. Bitcoin’s rapid $2,000 rise on Nov. 10 could soon reverse, say analysts. The recent low liquidity weekend rally saw BTC/USD gain nearly 3%, a trend that typically leads to pullbacks. Market commentator WhalePanda noted that price increases during low-liquidity weekends usually “fully retrace.”
#Bitcoin Huge CME GAP !$BTC is pumping above $79,000 and is creating a massive gap
— Crypto Yapper (@CryptoYapper) November 10, 2024
Should we worry for a retracement next week ? pic.twitter.com/GvC9gddZMC
Keith Allen, the co-founder of Material Indicators, also emphasized the need for corrections during uptrends, adding that weekly and monthly closes will reveal longer-term stability. Prominent analyst Credible Crypto forecasts a significant Bitcoin drop below $50,000, suggesting the market may be nearing a peak. He also cautioned that altcoins, which often move with Bitcoin, could see similar declines. With these indicators, experts advise caution for traders as a possible downturn approaches.
Key Bitcoin Levels To Watch – November 10
BTCUSD is in a strong uptrend, breaking above the previous all-time high at $73840. The price is supported by an upward trendline and the 9-day SMA (Simple Moving Average) at $73420, indicating continued bullish momentum.
The RSI (Relative Strength Index) is currently above 77, suggesting overbought conditions. This might lead to a short-term pullback before further gains. The next resistance is around $85000, where bulls may encounter selling pressure.
BTCUSD Key Levels
Resistance Levels: $85000, $90000, $100000
Support Levels: $49050, $31860, $15790
BTC/USD Metrics
Total Market Capitalization: $2.71T
Bitcoin Market Capitalization: $1.56T
Bitcoin Volume: $47.51B
Market Rank: #1
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