Bitcoin (BTC) has risen more than 120% year-to-date, indicating that the crypto sentiment has improved significantly. Solid buying has resulted in a sharp increase in crypto wallets holding more than $1 million in Bitcoin this year from 23,795 on Jan. 1 to 81,925 currently, according to BitInfoCharts data.
After the substantial rally, Bitcoin could face headwinds in the near term as investors digest the macroeconomic data and events due this week. The Consumer Price Index data is set to be released on Nov. 14, followed by the Producer Price Index data on Nov. 15, and the Nov. 17 deadline to avoid a partial United States government shutdown could give rise to short-term volatility.
A short-term pullback is healthy for the long-term trend of the market. It is also likely to be viewed as a buying opportunity by traders as most analysts anticipate Bitcoin to rally in 2024, buoyed by the expectations of a spot Bitcoin exchange-traded fund finally receiving regulatory approval.
Will Bitcoin and select altcoins start a short-term correction, or will the bulls maintain their buy pressure and clear the respective overhead resistance levels? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) snapped back from the neckline on Nov. 9, indicating that the bulls are buying on every minor dip.
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Author: Rakesh Upadhyay
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