As the cryptocurrency sector finally starts changing to a brighter shade of green, Bitcoin (BTC) is leading the charge, and experts see a bullish close of the month on the cards for the flagship digital asset if it continues to show strength and break above a crucial level for continuation.
Specifically, Bitcoin could be looking at a monthly close above $17,500, provided that it manages to break the crucial level at $17,000, according to the tweet published by the pseudonymous crypto trading expert known as CredibleCrypto on November 30.
Optimism stacks up for Bitcoin
Furthermore, optimistic prognoses are coming from another reputable crypto analyst, Altcoin Sherpa, who also thinks $17,500 is a potential target for Bitcoin after it tests the level at $16,500, as demonstrated on the chart also published on November 30.
On top of that, reputable crypto trading expert Michaël van de Poppe believes that Bitcoin has a good chance to continue towards $18,300 if it holds “the previous level of resistance for support (around $16.6K).”
These positive movements and estimates are playing into the previous indications of major moves on the horizon for Bitcoin, as observed by multiple technical analysis (TA) indicators shared by prominent crypto analysts like Moustache, Trader Tardigrade, Mags and Matthew Hyland.
Bitcoin price analysis
As things stand, Bitcoin is changing hands at the price of $16,884, demonstrating a 2.32% increase on the day, as well as 1.79% across the previous seven days, minimizing the loss of 18.59% on its monthly chart.
The flagship decentralized finance (DeFi) asset’s market capitalization at press time stood at $324.52 billion, maintaining its position as the largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved on November 30.
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Source: https://finbold.com/bitcoin-could-close-november-above-17500-if-it-breaches-this-level/