Bitcoin (BTC) Price Analysis for November 6

Bears are back in the game on the last day of the week, according to the CoinMarketCap ranking.

BTC/USD

The price of Bitcoin (BTC) has declined by 0.21%. Over the last week, the price has grown by 2.64%.

On the hourly chart, Bitcoin (BTC) is trading sideways, which means that there are low chances to see shape moves by the end of the day. Thus, trading on the CME exchange closes at the $21,155 mark.

A similar situation is on the daily time frame. However, while the rate is above the support level at $21,000, bulls keep controlling the situation. In this case, the more likely scenario is sideways trading in the range of $21,000-$21,500 for the upcoming week.

On the bigger chart, Bitcoin (BTC) is likely to fix above the $21,000 zone against the increased volume. If nothing changes by the end of the day, the leading crypto has a high chance to rise to the nearest resistance level at $22,781.

However, it might need a few weeks to make it happen as not enough power has been accumulated yet.

Bitcoin is trading at $21,234 at press time.

Source