BTC is on the verge of losing the $37,000 support, which could lead to further declines

The main cryptocurrency on the market, Bitcoin (BTC), will be quoted this Tuesday morning, 11/28/203, at R$ 181,606.92. Bulls are struggling to maintain the $37,000 support, which is crucial to maintaining the near-term bullish move.

“This interesting bullish structure of BTC gives us signs of a possible next move for early 2024. It is a possible scenario for us to reach this $48,000 by the halving,” he emphasized

When it comes to signals from the Ichimoku cloud, Bitcoin is in a rare position on the weekly time frame. As Cointelegraph reports, the indicator, which combines past, present and future trading tips, suggests that BTC price is rising have just begun.

In a post on X (formerly Twitter) on November 27th, CryptoCon laid out a concrete goal for what could happen next. Ichimoku’s main spans crossed each other, resulting in the formation of a new rising cloud. With the delay in Chikou breaking resistance, the price should now logically rise.

“Weekly Ichimoku Cloud announced our recent Bitcoin increase to 38,000 two months in advance, with the exceedance projected into the future,” he wrote.

“Now we wait for the next calls to be fulfilled, the completion of our climb and the first goal of 43,000. From handover it took 7 to 11 weeks, on average 10 weeks, meaning our move will be completed in early January.”
Annotated Bitcoin Ichimoku cloud chart. Source: CryptoCon/X

CryptoCon added this $43,200 was actually the “most conservative level” and $48,000 was a reasonable cap.

“Even with some pause, the indicator looking forward shows we are not done yet!” he said.
BTC/USD 1-week chart with Ichimoku Cloud features highlighted. Source: TradingView

Therefore, The price of Bitcoin as of November 28, 2023 is R$181,606.92. At this value 1,000 R$ buys 0.0055 BTCs and 1 R$ buys 0.0000055 BTC.

The cryptocurrencies with the biggest increase on November 28, 2023 are: FTX Token (FTT), Celestia (TIA) and Oasis Network (ROSE), with increases of 292%, 48% and 32%, respectively.

What is Bitcoin?

Bitcoin (BTC) is a digital currency used and distributed electronically. Bitcoin is a decentralized peer-to-peer network. No person or institution controls it.

Bitcoin cannot be printed and its quantity is very limited – only 21 million Bitcoins can be created. Bitcoin was first introduced as open source software in 2009 by a programmer or group of anonymous programmers under the codename Satoshi Nakamoto.

There have been many rumors about the true identity of the BTC creator, however, all people mentioned in these rumors have publicly denied being Nakamoto.

Nakamoto himself stated that he was a 37-year-old man living in Japan. However, since his English is perfect and his software was not developed in Japanese, there are doubts about this claim. Around mid-2010, Nakamoto moved on to other things, leaving Bitcoin in the hands of some prominent members of the BTC community.

For many people, Bitcoin’s main advantage is its independence from governments, banks and companies worldwide. No authority can intervene in BTC transactions, introduce transaction fees, or take money away from people. Additionally, Bitcoin movement is extremely transparent – ​​every single transaction is stored on a large, public, distributed ledger called a blockchain.

Since Bitcoin is not controlled as an organization, it essentially gives users complete control over their finances. The Bitcoin network shares a public ledger called the “blockchain.”

This ledger contains all processed transactions. Digital records of transactions are grouped into “blocks.”

If someone tries to change just one letter or number in a transaction block, it will also affect all subsequent blocks. Since it is a public book, errors or attempts at fraud can be easily detected and corrected by anyone.

The user’s wallet can verify the validity of each transaction. The signature of each transaction is protected by digital signatures that correspond to shipping addresses.

Due to the verification process and depending on the trading platform, it may take a few minutes for a BTC transaction to complete. The Bitcoin protocol is designed so that mining each block takes about 10 minutes.

Disclaimer: This is not an investment recommendation and the opinions and information contained in this text do not necessarily reflect the positions of Cointelegraph Brasil. Every investment must be accompanied by research and the investor must be informed before making a decision.

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