The crypto trajectory went higher with further support in the last 24 hours steadily, while analysts provided an optimistic crypto market analysis with the current market data.
Crypto bulls kept lending support to the market as Bitcoin stretched its run beyond $37,000 on consecutive days. There were no signs of sell-offs yet, as the bull market momentum was still firm. Although BTC has displayed slower growth than earlier, it is still sitting on gains in November. Earlier, after the inflation reports from the US, the crypto trajectory had dipped temporarily. The present movements have nullified those losses.
Experts have hinted at the improving macroeconomic data globally for their bullish crypto market analysis. Inflation has reduced in markets like the UK, while it is stagnant in the US currently. With lower inflation, rate cuts could follow in a few months, boosting the crypto market’s liquidity.
Bitcoin’s resistance is stringent at $38,000. On the other hand, its support has occupied the range of around $35,000. Bitcoin’s returns in the current month are around 7%, which makes it its best November since 2020. All market fundamentals are holding strong, which could also result in high returns for BTC in December.
Other altcoins like ETH and BNB are trading with positive returns currently, with a few others witnessing minimal to flat returns in the last 24 hours.
BTC/USD 1D price chart
Bitcoin is currently trading at around $37,200 on November 21, 2023, with BTC/USD trading higher by a margin of 0.3% in the last 24 hours. Bitcoin’s market cap is trading above $729 billion.
BTC/USD is trading higher than its 20-day EMA (35,480.17), as BTC’s 24-hour volume was at around $20 billion. The crypto market cap increased by around 0.27%, trading at $1.42 trillion.
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