Bitcoin Bulls Nudge Digital Currency Towards an 18-Month Peak Amid Mixed Predictions
Summary:
On November 24, Bitcoin enthusiasts pushed the digital currency towards an 18-month peak. This ascend towards $38,000, was linked to the Asian trading cycle and derivative markets. Trading experts revealed that a single entity might have boosted this surge. Although some predict the price to pull back after reaching the $40,000 mark, there remains optimism about overcoming resistance points. These developments point to potential growth, although readers are urged to conduct personal research due to inherent investment risks.
Bitcoin enthusiasts were pushing the digital currency towards an 18-month record on November 24, with analysts noticing a significant rise in buyer interest. Data from Cointelegraph Markets Pro coupled with TradingView revealed Bitcoin's price path ascending just before Wall Street's opening bell. This surge in the world's dominant cryptocurrency was linked to the Asian trading cycle and derivative markets.
Foremost trader, Skew, affirmed that probably a single entity promoted the latest thrust towards the $38,000 mark. He further shared via social media channel "X" that "...clear correlation between spot & perp CVDs / Delta" existed, implying the possibility of a lone buyer intent on elevating the market.
Later, Skew reported that the substantial Bitcoin position was shut down and, for momentum to continue, a higher high (HH) on the current $38,000 barrier had to be achieved.
On a broader scale, some investors like Michaël van de Poppe, who leads trading company MN Trading, were positive about overcoming these resistance points. He suggested that if Bitcoin breaks above $38K, the next step is $40K.
Another seasoned trader, Daan Crypto Trades, acknowledged $38,000 as a critical border where Bitcoin trading can resume its smooth flow, equivalent at $2,150 on Ether.
Some investors, however, expected Bitcoin's price to pull back after initially exploring the $40,000 area. Among them is renowned trader Crypto Tony, who even signaled at $39,000 as a potential short-term turning point. This price point is especially intriguing as it exemplifies the overall profitability of those who invested in Bitcoin during its 2021 rally.
Advantageous indications from Bitcoin’s relative strength index (RSI) continued to furnish bullish traders with prospects for additional growth.
This information does not promote or propose investment advice. Each investment or trading move is risky, and readers are advised to conduct their own analysis before making a decision.
Published At
11/24/2023 11:53:07 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.