BTC Urgently Needs to Improve Its Image as the US Dollar Weakens

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BTC urgently needs to improve its image after the devastating plunge from last week. The price of Bitcoin is making only small gains. Bulls in the BTC market are currently unable to profit from the depreciating US dollar.

Due to traders’ need for more time to process what happened with the FTX implosion, expect an uncertain close on Sunday.
When FTX came out of the closet, Bitcoin was on the verge of recouping a major portion of its losses from the previous week.

Key Bitcoin Levels to Watch – November 20

Bitcoin has fallen precipitously since March when it was trading at $48,000, and we have yet to see a significant upward rally. The market indicates bearishness in price action due to the recent break-in structure.

BTC Urgently Needs to Improve Its Image as the US Dollar Weakens

Since there is a break in the market structure, we are expected to see a retracement upwards to the FVG (fair value gap). Moreover, market sentiment seems bullish due to most traders’ expectations after the recent FTX incident.

Traders are expecting a bullish move in Bitcoin as the price reaches an overbought region in the RSI (Relative Strength Index). If the price does not break below the previous low of $15,700, it indicates a strong bullish trend.

BTC key levels

Resistance level – $21500 $25450
Support level – $15700 $13000

Total Market Capitalization: $347.43B
Bitcoin Coin Market Capitalization: $318.26B
Bitcoin Volume: $18.95B
Market rank:1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.