BITCOIN MARKET UPDATE 16.NOV.2024

Current Market Phase

Bitcoin is in an active markup phase, with strong bullish momentum on higher timeframes. As of 09:35 GMT+1, the price stands at $91,362, driven by institutional interest, on-chain activity, and rising derivative market participation.Order Flow and Big OrdersThe order flow is positive, with substantial buy-side liquidity supporting the trend.

• Large Orders: Strategic buy orders between $89,000 and $90,000 have created a strong support zone, signaling confidence from whales and institutions.
• Market Sentiment: Buying pressure at key levels mitigates short-term downside risks.

Derivative Market Analysis

• Open Interest: Futures open interest is rising, particularly in long positions, reflecting bullish sentiment.
• Funding Rates: Slightly positive funding rates indicate sustainability without excessive leverage risks.
• Whale Activity: Large derivative orders from whales suggest further upside potential.

On-Chain Metrics and Whale Activity

• Transaction Volumes: Elevated transaction levels signal strategic accumulation.
• Whale Accumulation Zones: Whales are buying heavily between $88,000 and $90,000, forming a critical support base.

On-chain data shows increased activity among large wallets.Technical Analysis

• 4-Hour Chart: Consistent higher highs and lows indicate strong intraday buying.
• 30-Minute Chart: Micro consolidations between $91,000 and $91,500 suggest an imminent breakout.
• Daily Chart: A clear uptrend points to resistance at $95,000 to $96,500.

Forecast

• Next Top:
  • Price: $95,000–$96,500
  • Timeframe: Within 2–3 days
• Next Bottom:
  • Price: $88,000–$90,000
  • Timeframe: 3–5 days after the top

Outlook on Higher Timeframes

• Weekly Chart: Strong uptrend suggests potential moves toward $100,000.
• Monthly Chart: Long-term bullish structure supported by institutional accumulation.

Summary and RecommendationsBitcoin’s trend remains bullish, with potential to reach $95,000 to $96,500 soon. Any pullback is likely to find support at $88,000 to $90,000.

• For Long Positions: Consider partial profit-taking near resistance and re-enter on dips.
• Risk Management: Monitor funding rates and whale activity for correction risks.