BTC reached above $38,000 on November 24, but the bullish momentum faltered. This hints at reluctance among buyers at these elevated levels. Despite Bitcoin’s push near $37,980, there’s a lack of urgency among the bulls to conclude their positions, indicating anticipation for the upward trend to extend. Recent days saw Bitcoin hitting fresh 18-month highs, fostering optimism for further upward movement. Additionally, the low open interest (OI) in derivatives markets and steady demand in the spot market suggest a possible setup for the next upward surge.
At the time of writing BTC was trading at $37,285.
BITCOIN was trading in a range from $25,000 to $28,500 with low volumes. The asset finally gave a breakout above the range and started moving up by making a ‘Higher High Higher Low’ pattern. BTC broke the long held resistance of $32,000 and rallied up to $38,414. Currently, the asset is consolidating and is trading between $35,500 to $37,750. BTC has a strong resistance at $40,000 and to further rally it needs to break, close and sustain above the psychological level of $40,000 whereas $35,500 and $32,000 will act as a strong support.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $32,000 | $36,000 | BTC | $40,000 | $48,000 |
