Price analysis 11/20: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK
The S&P 500 Index rose by 2.24% in its third consecutive weekly gain while Bitcoin saw a slight growth of 0.8%, indicating a consolidation below $38,000. Despite a substantial rally this year, cryptocurrency investors are holding onto their Bitcoin, suggesting a long-term bullish perspective. Bitcoin may face a deeper correction if it cannot overcome resistance at $38,000. Ether, trading in a large ascending triangle pattern, has a bullish target of $3,400. Meanwhile, other cryptocurrencies including BNB, XRP, SOL, ADA, DOGE, and LINK are carefully monitoring support and resistance levels. It is noted that investor interest in global cryptocurrency exchange-traded products escalated in 2023, with crypto ETP assets under management growing 91% from January to October.
