Bitcoin (BTC) Price Analysis: Strong Momentum Favoring Longs – 7 November 2023
Bitcoin (BTC/USD) maintained positive momentum early in the Asian session as the pair remained in striking distance of a fresh multi-month high around the 35997.80, its strongest print since May 2022. Bids surfaced around the 34500 level and chased BTC/USD higher to the 35410 area, representing a test of the 23.6% retracement of the appreciating range from 33400 to 35997.80. Buying pressure later emerged around the 34753.66 area and pushed BTC/USD higher to the 35410 level, representing a test of the 23.6% retracement of the broader appreciating range from 33000 to 35997.80. BTC/USD’s recent high around the 35997.80 area represented a test of an upside price objective related to recent buying pressure around the 28122 and 32525 areas. The recent high also represented a test of the 50% retracement of a historical depreciating range from 69000 to 15460, and also represented a test of the 61.8%
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