Bitcoin completed one of its best months in recent times, while November’s strong trading signals in crypto could set the tone for consistent returns to the end of 2023.
The crypto market ended November with Bitcoin alone accounting for almost 10% returns, sending several altcoins into a rally. The signs of strength in the market were evident from the positive trading signals in crypto. The price range for BTC could continue this way further, helping the crypto market cap climb higher. Traders may now eye holding Bitcoin above $38,000 during the weekend to sustain the prices next week as well.
Another positive development is that business intelligence company MicroStrategy has announced the further buying of BTC. The firm has been bullish on Bitcoin for a long time. It published a post announcing the news and said it currently holds 174,530 BTC. Institutional investors’ interest in Bitcoin peaked in 2023, with a beeline for spot crypto ETFs.
Bitcoin’s higher prices of the last 24 hours will likely influence high retail inflows into the crypto market. Meanwhile, experts said rate cuts may not be a reality by the first quarter of 2024. Even if central bankers hold interest rates and don’t hike them further, the market could see improving liquidity levels. At present, ETH is also trading above $2000 with 24-hour returns of 3.3%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $38,300 on December 1, 2023, with BTC/USD trading higher by a margin of 1.8% in the last 24 hours. Bitcoin’s market cap is trading at around $748 billion.
BTC/USD is trading higher than its 20-day EMA (36,895.10), as BTC’s 24-hour volume was at around $19 billion. The crypto market cap increased by around 1.75%, trading above $1.44 trillion. BTC’s year-to-date returns are above 131.19%.
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