Bitcoin’s momentary rise above $38,000 could have been a hint for consolidation above the $37,000 mark, with the crypto price analysis suggesting a rally.
Bitcoin traded around the $38,000 mark over the weekend, with all signs for a jump in the upcoming week. It did cut across $38,000 but couldn’t consolidate above the mark. With its support level rigid at $37,000, the latest crypto price analysis is highly positive for the rest of November. On November 24, Bitcoin touched $38,200 and has slowed down since then.
Many experts believe the crypto market is in its pre-bull run phase, with several tokens at their yearly highs. Analysts are even bullish for a few years post-2023, with many claiming the optimistic run could continue till 2028. The price battle in the crypto market is clearly favoring the bulls currently.
The weekend saw Bitcoin moving in a stable manner with little volatility. If it can hold its current trading range till the beginning of the week, crypto buyers’ interest can further spike. The $40,000 target is achievable if bulls keep their support firm.
If BTC achieves the break above $38,000 and consolidates, traders can expect broader upward trends in the crypto market. Several crypto tokens saw balanced movements during the week. ETH is trading above $2000 with minimal movements, while other crypto tokens also traded flat during the weekend.
BTC/USD 1D price chart
Bitcoin is currently trading at around $37,700 on November 26, 2023, with BTC/USD trading lower by a margin of 0.2% in the last 24 hours. Bitcoin’s market cap is trading at around $738 billion, with firm support during the weekend.
BTC/USD is trading higher than its 20-day EMA (36,141.61), as BTC’s 24-hour volume was at around $8 billion. The crypto market cap decreased by around 0.128 trading above $1.44 trillion. BTC’s year-to-date returns are above 128.35%
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