The price of bitcoin rises as buyers return to the market, establishing a bullish breakout towards $65,087.
Bulls in the Ethereum price are planning a breakout towards $4,646, aiming for new all-time highs.
The price of XRP is locked in a negative triangle, but bulls are slowly but steadily gaining ground.
On Thanksgiving, the bitcoin price saw bulls return to the scene as investors saw buying opportunities across the board in cryptocurrencies. With buy-side volume under excessive bidding, Ethereum price is developing momentum for a bullish breakthrough. Although XRP is behind, it is still trapped in a negative triangle, with higher lows indicating a bullish influx.
With an increase in buy-side traffic, Bitcoin price regains control above the monthly pivot.
After setting fresh all-time highs at the beginning of November, the price of Bitcoin (BTC) came under attack by bearish. Bears grabbed control of a few fundamental technical indicators as price began to fall swiftly, including the monthly pivot, the 55-day Simple Moving Average (SMA), and a break below the Fibonacci barrier at $59,586. However, there are hints of change, with more inflows being detected and the Relative Strength Index (RSI) moving away from oversold territory.
Bulls reclaim control over the monthly pivot at $57,335 in BTC price, putting them in a festive mood while they wait for their turkey to cook. The rise coincided with the reversal of the downward short-term trend line that had been in place since November 21. Expect a challenge and maybe recovery of the Fibonacci level at $59,586 as the inflow is expected to continue throughout the day.
Investors are likely to notice the spike in subsequent sessions and begin buying in larger amounts. From November 10, this will spiral into a squeeze and explode over the falling trend line, with a run-up to $65,087 likely. Expect some tailwinds for Bitcoin next week as markets transition to a more risk-off mindset, pushing the price further higher with a retest of fresh all-time highs over $69,123.