BTC has dipped below $38,000 as the uncertainty of crypto regulatory action looms worldwide, but trading signals for crypto are still positive.
Growing momentum in the crypto market slowed down in the last 24 hours, with Bitcoin shedding a little loss. It is currently trading just below $38,000, but its price action is still strong above the $37,000 trading range. Meanwhile, traders could have booked profits because of the volatile crypto regulatory action globally. Though trading signals for crypto are still bright, short-term sell-offs are visible in the market.
Analysts and experts are confident that BTC will surpass the $40,000 level in 2023. The optimism in the market is extremely high, with the recovery of all losses of 2022 in the current year.
The possibility of uncertain crypto regulatory action is floating from the US, where a few events heavily impacted markets in November. If investors see the US regulators spilling transparent details soon, the path ahead for the market could become clearer.
The race for the crypto ETFs is heating up again with a new entrant with an application. Investment firm Pando Assets has also filed for a spot ETF, sparking positive trading signals for crypto. Presently, bears are active near the $37900 mark. If bulls help BTC stay above its 20-day moving average throughout the weekend, it could move up in the upcoming week.
BTC/USD 1D price chart
Bitcoin is currently trading at around $37,700 on November 30, 2023, with BTC/USD trading lower by a margin of 1.2% in the last 24 hours. Bitcoin’s market cap is trading at around $737 billion.
BTC/USD is trading higher than its 20-day EMA (36,708.76), as BTC’s 24-hour volume was at around $20 billion. The crypto market cap decreased by around 1.66%, trading above $1.42 trillion. BTC’s year-to-date returns are above 127.58%.
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