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Is Bitcoin heading for $20k or $100k? The decision time is near!

After a sharp decline in the crypto market, traders have divided into two camps — short and long. But where will Bitcoin end the year 2021? Find out in the BTCNEXT market analysis!

24–30 November, 1–7 December main events

  • The fall of Bitcoin. On Saturday December 4th, BTC quotes dropped to $42,000. The decline was accompanied by a large-scale liquidation in the futures market — $1.3 billion in long positions.
  • Miners are starting to leave Kazakhstan. Mining company BitFuFu turned off devices located in Kazakhstan due to problems with the power supply in the country and began to relocate their equipment in the United States. Other representatives of the industry decided to take this step as well.
  • Bruno hard fork. On December 1st, the Bruno hard fork was activated on Binance Smart Chain at block 13,082,000. It involves the deployment of a BEP-95 proposal with a BNB token burn mechanism, similar to the Ethereum blockchain.

Price analysis

After falling to $42,000, Bitcoin recovered to the $50,000 area. Despite the rebound, the bulls failed to close the weekly candle above an important psychological and technical level. Most likely, the price growth will continue, but with a pullback to the $45,000-$47,000 zone. If the buyers fail to maintain this level, the price will drop to $40,000-$42,000. A fall below this level means the beginning of a deep correction.

The Fear and Greed Index dropped to the Extreme Fear zone and is now at 25. At some point, the indicator dropped to 15. Open Interest almost halved, from $31 to $16 billion. All positions with high leverage were washed out of the market.

At the moment, the resistance is at $54,000 and $58,000. Even if the buyers dominate, it will be difficult to overcome these levels. A rollback from the $53,000-$54,000 zone is possible with further growth. The maximum growth targets are $95,000 and $135,000, depending on the market situation. If Bitcoin moves sideways, it will be a good reason for the growth of altcoins.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

To learn more about BTCNEXT, visit our official website.

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