Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Bitcoin Ripe for a Correction: Bulls Need to Hold Above $36,500 to Target $48,000

By (Günay Caymaz)CryptocurrencyDec 01, 2023 06:26
Bitcoin Ripe for a Correction: Bulls Need to Hold Above $36,500 to Target $48,000
By (Günay Caymaz)   |  Dec 01, 2023 06:26
Saved. See Saved Items.
This article has already been saved in your Saved Items
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
  • Bitcoin concludes November on a high, continuing its two-month upward trend, reaching the upper band of the rising channel, and encountering resistance around $38,000.
  • The critical support level at $36,500 is pivotal for Bitcoin's momentum towards the $42,000 to $48,000 resistance zone, aligned with Fib 0.382 from the bear market's downward trend.
  • Caution is warranted as the Stochastic RSI remains in the overbought zone, and failure to maintain $36,500 support might trigger a retracement, potentially influenced by negative news or a hawkish shift by the Fed.
  • Missed out on Black Friday? Secure your up to 55% discount on InvestingPro subscriptions with our extended Cyber Monday sale.

Closing November with an 8.86% increase in value, Bitcoin has sustained its upward trend for the past two months.

Throughout 2023, the cryptocurrency has been moving within a rising channel. In the second half of November, it reached the upper band of this channel. While facing some resistance around the $38,000 mark, Bitcoin found support at the $36,500 level in the lower region. A closer look at the support zone reveals that it aligns with Fib 0.382, derived from the bear market's downward trend.

As long as Bitcoin maintains support around $36,500, it is likely to continue its movement towards the next resistance zone, targeting $42,000 to $48,000. The cryptocurrency encountered some difficulty crossing the upper channel border but has continued to move along this border, sustained by demand from the lower region.

On the weekly chart, the steep acceleration of the exponential moving average values in the last month remains valid as a technical argument supporting the upward movement. However, in the long-term outlook, the fact that the Stochastic RSI remains horizontal at the top of the overbought zone can be considered a warning sign.

At this point, the $36,500 support for Bitcoin becomes important once again. If buyers manage to hold the cryptocurrency price at this level on possible pullbacks, we may see the energy of the Stochastic RSI drop and exit overbought conditions. Otherwise, if the support level is lost, the decline is likely to continue until the indicator moves down to the sell zone.

Bitcoin Price Chart
Bitcoin Price Chart

In the event of a possible correction, a retracement to the $ 34,000 levels, which coincides with the middle line of the channel, may be seen. Subsequently, there is a possibility that the downward momentum may continue towards the $ 30,000 limit depending on the in-channel movement.

However, we can see that such a retracement may occur amid negative news for Bitcoin. This negative development may be in the form of the rejection of spot Bitcoin ETF (TSX:EBIT) applications, which are currently highly anticipated. However, it can be mentioned that the evaluation postponed to January will not pose a risk this month.

Apart from this development, among the developments that will excuse a possible decline in the market may be the possibility that the Fed may return to a hawkish view. The market expectation is that the bank has entered the neutral interest rate period. If the Fed decides to raise interest rates before the end of the year, crypto markets may price this development sharply. However, this decision has a low expectation for the time being.

As a result, Bitcoin is likely to determine its trend this month, depending on whether it holds the $36,500 support, depending on possible risks.

For an upward bounce, the $38,000 line needs to be broken on volume. However, the decline in the bullish trend due to the decline in trading volume in November reflects that the current positive developments may have been priced in.

Therefore, a new bounce would require another positive news event to trigger the crypto market. Only then will we see buyer volume increase and Bitcoin break through the resistance line at $38,000 and step into the $40,000 trading area.


You can easily determine whether a stock is suitable for your risk profile by conducting a detailed fundamental analysis on InvestingPro according to your own criteria. This way, you will get highly professional help in shaping your portfolio.

In addition, you can sign up for InvestingPro, one of the most comprehensive platforms in the market for portfolio management and fundamental analysis, much cheaper with the biggest discount of the year (up to 55%), by taking advantage of our extended Cyber Monday deal.

Disclosure: The author does not own any of the securities mentioned in this report.

Bitcoin Ripe for a Correction: Bulls Need to Hold Above $36,500 to Target $48,000

Related Articles

The News Crypto
Pepe (PEPE) Price Prediction 2024, 2025, 2026-2030 By The News Crypto - Mar 04, 2024

In this Pepe (PEPE) price prediction 2024, 2025-2030, we will analyze the price patterns of PEPE by using accurate trader-friendly technical analysis indicators and predict the...

Dr. Arnout ter Schure
Local Top in Bitcoin Soon? By Dr. Arnout ter Schure - Feb 20, 2024

In our last update on Bitcoin (BTC), from almost a month ago, we found that based on our Elliott Wave Principle (EWP) count: “…BTC should now be in (grey) W-a of green...

Bitcoin Ripe for a Correction: Bulls Need to Hold Above $36,500 to Target $48,000

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email