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Thursday

26 November 2020

Bitcoin Near-Term Outlook Favors Bulls as Stimulus Talks Resume | Crypto Briefing

Bitcoin Near-Term Outlook Favors Bulls as Stimulus Talks Resume | Crypto Briefing


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The daily chart shows that BTC may easily be drawn towards $19,500, and ultimately an all-time high if the $18,488 level is broken.

The weekly time frame suggests that a break under the $16,000 level could cause BTC to undergo a major retrace towards $13,800, and possibly even the $13,000 area.

On-chain data from crypto behavioral platformSantimentpaints a bullish price picture and shows that balances on exchanges continue to diminish as coins are moving out of exchange wallets and into holders’ wallets. .

The metric also suggests that long-term traders may continue to hold on to their coins until whales move back to exchanges. 

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