Bitcoin Price is expected to Either Surge to $17,500 or Dip to $16,320

Bitcoin Price

At the time of writing, the trading value of Bitcoin (BTC) is worth $16,852. Given the performance of Bitcoin in the month of November, this is a strong demonstration by the bulls.

They have managed to keep the trading price of Bitcoin at a higher trading level. The trading volume for Bitcoin has also recorded an increase in the past 24 hours.

The data from CoinMarketCap shows that the trading volume recorded for Bitcoin in the past 24 hours is worth $14 billion.

The data suggests that the trading volume for the asset may continue rising if Bitcoin keeps trading at a higher level.

When it comes to the overall valuation of Bitcoin, it is currently over the $324 billion level. It is still a huge level of concern for the Bitcoin community to see the valuation of Bitcoin at such a lower level.

There was a time when the overall valuation of Bitcoin alone was about to hit $1.5 trillion.

Now, the situation has completely changed as the valuation is almost five times lower than its peak valuation from back in November 2021.

At the moment, the crypto market dominance of Bitcoin is at 40.50%. It has reportedly surged by 0.29% in the past 24 hours.

Technical Situation of Bitcoin

The technical analysis shows that the indicators have not made much movement since the last trading session. This means that the price of the asset has mainly remained flat in the past 24 hours.

There have been several occurrences in the past few weeks where the trading price of Bitcoin has crossed the $17,000 figure. Each time it did, the bears increased their selling power, bringing it below the $17k level.

Despite the constant pullbacks, the bulls haven’t lost their confidence in keeping the bullish trend alive. The bulls may make strong efforts to push the trading price of Bitcoin higher.

Their goal is to push Bitcoin over the $17,000 so they can achieve higher goals in the long run.

Bitcoin’s Flight to $17,500 and beyond

If the bulls succeed in pushing Bitcoin’s trading price over the $17,000 barrier, they will not stop there. Their next attempt would be to push Bitcoin higher by increasing their buying pressure.

If the technical factors start falling in favor of the bullish trend, then BTC’s price may surge to $17,500 and higher.

Bearish Sentiments to Pull BTC to $16,320

In the case where the bears do not let the bulls push BTC’s price over $17,000, then they will pull its trend to their side.

They will start pulling its price lower and in the upcoming days, the trading price of Bitcoin may fall to $16,500.

With the bulls losing their buying sentiments, the bears may make another attempt and this time, they may pull BTC down to $16,320.