It is quite positive that Bitcoin, which closed October with a 28.26% increase, started November strongly with the Fed’s decision to keep interest rates constant and possible ETF news.
Although the positive trend of funding rates on the Onchain side reflects a market with bullish expectations, the increase in open positions also increases the possibility of obtaining liquidity from lower supports.
While we see purchases coming from the price range of 34,200 to 35,200 due to the Fed’s decision to keep the interest rate constant, we see that the strongest purchase volume in a possible liquidity purchase is around $31,000.
While the MVRV-Z score reaches 1.04 levels, showing that Bitcoin is valued but still has the potential to rise by reaching 2, the NULP level shows that there is still room for up to 50% at 41.95%.
While 30,000 and 28,500 are the strongest support in possible corrections and increases, the possibility of $ 25,000 should not be neglected due to accumulated liquidity. In a permanent close above $36,000, we can consider short-term liquidity at $37,500 and our upper band main resistances in the medium term as $40,600 and $50,800.
