November is over and the price is back above $38,000. The Bitcoin price shows a slight increase in 24 hours:
While the price of Bitcoin tries to overcome the $37,500 mark, MicroStrategy has decided to buy bitcoins. In fact, Michael Saylor announced on X (formerly Twitter) the purchase of an additional 16,130 BTC. In total, the software giant has a jackpot of no less than 174,530 BTC.
The number of new addresses in the Bitcoin network is increasing and returning to levels comparable to those of 2021. The price of Bitcoin closes November with an increase of 8.8% and stands above $38,000. Buyers are pressing: is it possible to return to $40,000?
The price of BTC is increasing by 2.2% in a week and more than 10% in a month. Furthermore, in three months, the course is increasing by almost 50%. The BTC/ETH pair fell 2% in 24 hours, but it remains slightly up in a week.
Bullish Sentiment?
Bitcoin price has risen above $38,000 in the past few hours and has closed a 4-hour candle above this crucial price level for the first time this year, a very optimistic sign that BTC could continue to rise. But what are the reasons for the recent BTC price increase?
The recent rise in Bitcoin prices is likely due in part to developments surrounding the possible approval of a Bitcoin spot ETF. Bloomberg ETF analyst James Seyffart explained it on X as follows:
“Okay, the window for potential approval of a Bitcoin spot ETF appears to be between January 5 and 10, 2024.”
This observation follows the SEC’s announcement of Franklin/Hashdex delays today, December 1st.
From a technical perspective, crypto expert Scott Melker observed a breakout move towards lower time frames. He noted: “Bitcoin breaks out on lower time frames.” On the 15-minute chart, Bitcoin was trading within a descending channel. However, a few hours ago, Bitcoin price managed to break above the upper boundary of this channel, a move that is often interpreted as a possible reversal signal.
The break above the lower time frame is important for traders as it signals a change in short-term sentiment, potentially setting the stage for further upside on higher time frames.
Historically, December is Least Sunny for Bitcoin
November has ended and the course closed with an increase of almost 9%. BTC continues in the green for the third consecutive month. Will December also be a bullish month? Historically, the end of the year is a little more complicated. for the king of cryptocurrencies.
Since 2013, BTC closed four times in green and six times in red. Furthermore, the last two years have been synonymous with falls for BTC in December. The statistics are not going in the direction of the king of cryptocurrencies, but the bad history and the current trend can give hope.
Is Bitcoin Price Heading To $40,000?
Buyers aim to close above the last high marked at $38,450. If this scenario occurs, the price could exceed $40,000 and return to the next resistance level at $40,500. However, if sellers appear and the $37,500 level gives way, the next support is around $35,800. The RSI continues to move below 67. The RSI will need to develop above this level for buyers to benefit from the momentum again.
At the moment, the price is showing rising lows and highs, and the next resistance lies above $40,000. Under these conditions, can altcoins continue?
By Leonardo Perez
