Bitcoin on November 29 – Is BTC going it alone towards $40,000?

In the green are the operators. As per the most recent Bitfinex data, 84% of addresses are currently experiencing theoretical capital gains. There are just as many addresses profiting as there were in November 2021 during the bull run.

Although the price of Bitcoin has been rising for a few months, it is presently trapped at the $37,500 barrier level. At this point, the buyers are still trying to get the sellers to cave, therefore they are not giving up. This is the bulletin for today.

We are providing you with this study of the price of Bitcoin in collaboration with CryptoTrader, whose algorithmic trading solution is now available to the general public.

Once more, buyers are attempting to breach the $37,500 resistance level. As a matter of fact, the price of Bitcoin has increased by 2.8% in the last 24 hours and by over 5% in the last week:

Regarding the price of Bitcoin, everything is green. Actually, the price increased by 11% in a single month and by nearly 40% in a span of three months. In contrast, the BTC/ETH pair has a weekly increase of 0.5 percent and a monthly decline of 3.5%.

In 2022, there was a strong correlation between Bitcoin and the US market. Indeed, Bitcoin tracked the performance of indexes such as the S&P 500 and the NASDAQ. Bitcoin is a desirable asset in 2023 because of its success and link with the US market. At the moment, the market is driven by the cryptocurrency that is king in terms of attracting capital.

Once more, the price of bitcoin breaches resistance at $37,500.
The resistance level at $37,500 has seen multiple rejections of the Bitcoin price in recent weeks. Will the buyers be able to force the sellers to cave this time? We must certify the level at $37,500 as support in order to accomplish this:

The next resistance, which is situated beyond $40,000, might be reached if the price stays at $37,500. Conversely, if there is a rejection, the price can go back to the $35,800 support level. The price has demonstrated momentum for several weeks, with rising lows and highs, despite this hesitation at the resistance level. As it continues to swing between the levels of 25 and 67, the RSI is likewise hesitant. Regaining momentum for purchasers would be possible if the RSI broke 67.

In 2023, the price of Bitcoin drops in proportion to other cryptocurrencies and goes solo. The majority of altcoins are now trailing behind BTC in terms of capital attraction. Bitcoin is attempting to breach the $37,500 resistance level once more. Should purchasers triumph against vendors, the cost may ultimately revert to the psychological round figure of $40,000. Are cryptocurrency prices going to skyrocket?

IMPORTANT BITCOIN NEWS:

The most recent weekly report from CoinShares reveals record capital inflows since 2021. Additionally, the market has seen capital inflows into cryptocurrencies for nine weeks running. Would this help the price of Bitcoin?

For a little 55 BTC transaction, an 83 BTC charge was paid. But it wouldn't be a straightforward mistake—rather, clever hackers would be orchestrating a Bitcoin theft.

84% of Bitcoin addresses are in theoretical capital gain, and the price of the cryptocurrency is back above $38,000. Since November 2021, there have never been so many profitable addresses.

Crazy forecasts are nothing new to Arthur Hayes. He thinks that by 2025, the price of Bitcoin may hit $1 million, based on statistics such as the liquidity seen in financial markets.

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