Bitcoin (BTC) Price Analysis for November 10

The market might need some time to gain energy for a further move.

BTC/USD

The price of Bitcoin (BTC) has dropped by 1.48% over the last 24 hours.

On the hourly chart, the situation is unclear at the current moment, as neither bulls nor nears have seized the initiative yet. However, if the bar closes near the $37,268 mark, buyers are likely to keep the upward move to the $38,000 zone.

On the daily time frame, the price is stuck in a narrow channel, between the support at $35,968 and the resistance of $37,978. The volume has declined, so BTC needs time to get power for a further move.

All in all, consolidation in the area of $36,500-$37,500 is the more likely scenario for the next few days.

From the midterm point of view, buyers remain more powerful than sellers are the rate keeps going up after a breakout of the $31,500 level. If the candle closes with no long wick, the rise may continue to the $40,000 area and above.

Bitcoin is trading at $37,109 at press time.

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