Price analysis 11/13: BTC, ETH, XRP, LINK, BCH, LTC, BNB, DOT, ADA, BSV – Cointelegraph

Price analysis 11/13: BTC, ETH, XRP, LINK, BCH, LTC, BNB, DOT, ADA, BSV - Cointelegraph

Data shows that Bitcoin’s (BTC) current rally is supported by greater participation from retail and institutional investors. The CME Bitcoin futures open interest has moved closer to the previous all-time high, a sign that institutional investors are becoming more interested in cryptocurrencies. Similarly, Bitcoin’s spot volume has hit a new 52-week high, according to data from Arcane research

However, during strong uptrends, traders tend to get greedy and take on excessive leverage. Hence, large open interest on derivatives could act as a double-edged sword because even a small decline in Bitcoin could force the highly leveraged traders to close their positions. Such a move could have a cascading effect that could lead to long liquidation.

Daily cryptocurrency market performance. Source: Coin360

While traders should be cautious, there is no need to panic as yet because the current up-move in Bitcoin has happened without any euphoria or frenzy, especially among retail traders.

Moreover, several analysts have been skeptical of the rally, which is another positive sign. The top usually forms when the last bear in the market turns bullish and there is no one left to buy.

This does not mean that there will be no corrections along the way. Pullbacks are necessary to periodically shake out the weak hands and this generally improves the longevity of the trend.

Let’s analyze the top-10 cryptocurrencies to ascertain whether the uptrend will continue or is a correction around the corner.


The bulls pushed Bitcoin (BTC) above the $16,000 overhead resistance on Nov. 12. This breakout started the next leg of the uptrend that may carry the price to the critical overhead resistance at $17,200.

BTC/USD daily chart. Source: TradingView

The upsloping moving averages and the relative strength index in the overbought territory suggest that the bulls are in command. If the momentum can carry the price above $17,200, then the bulls will have a clear shot at the all-time highs.

However, traders can get cautious if the pair turns down from the current levels and drops below $16,000 once again. This


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