With little to no fundamental news updates to work with, Bitcoin traders are closely watching fundamental analysis charts in November. Just two weeks away from the final month of the trading year, Bitcoin has failed to find support at the $10,000 price level despite a few days when it traded as high as $10,350 in October; this situation prompted bearish traders and short sellers to start looking for a pattern known as the "death cross," which tends to indicate a major sell-off is imminent.

There have been trading sessions in November that suggest a death cross was about to form in the BTC/USD currency pair. The signals that hinted the formation of the death cross were seen on November 12, when the 50-day moving average was broken and Bitcoin fell below the $8,550 level, a very low marker of resistance; at this point, short sellers were almost positive the death cross was on its way, but opportunistic traders took this as a buying hint. With BTC/USD easily bouncing back by more than $250 in just a couple of hours, day traders cannot resist taking positions.

Trading volumes have been low enough for technical analysis observers to notice that quite a few positions were hitting their stop loss markers, meaning that traders are being careful. The sentiment as of mid-November continues to be bearish; however, the most optimistic traders believe that the cryptocurrency markets will likely experience a Santa Claus rally this year, thus putting Bitcoin in a position to climb back towards the $10,000 level, which has become psychological this year. The most bullish scenario sees BTC/USD finding support at $9,000 and gradually climbing towards $10,000 by the first week of December.

Although technical analysis rules prevails at this point, seasoned traders believe that the ongoing impeachment hearings in the District of Columbia could shake up financial markets ahead of the holidays, thus presenting Bitcoin traders with a buying opportunity. If Wall Street reacts negatively to the chaotic White House, investors will start looking for flight-to-safety strategies, and Bitcoin has been emerging as one in recent months.