Bitcoin’s November Monthly Close is the Best Since April 2022
Bitcoin (BTC) saw a strong performance in November, with its monthly close being the best since April 2022. The cryptocurrency returned to $38,000 on December 1st, following the impressive overnight price performance that held key support levels. The close came in at just over $37,700, with bid liquidity preserving the intraday range and avoiding a last-minute sell-off.
Popular trader Skew commented on the monthly close, stating that it looked good closing above $35K. He also mentioned the possibility of seeing some multi-week compression between $35K and $39K. Another trader, JT, described the high-timeframe chart outlook as “consistent and constructive,” pointing out the strength of the lower candle body low compared to the preceding candle body high.
Bitcoin Breaks Above $38,000 Mark
Bitcoin made its first noticeable move in the latter half of the week by breaking above the $38,000 mark. This breakthrough came hours after the monthly close and marked a positive development for the cryptocurrency. Interestingly, the United States macroeconomic data prints failed to attract much of a response from the market.
Jerome Powell, the Chair of the Federal Reserve, was scheduled to speak on the day, which could have potentially triggered external volatility. However, the market remained relatively unaffected by the event.
Significance of Breaking the $40,000 Range
Keith Alan, co-founder of Material Indicators, highlighted the significance of clearing the current range below $40,000. He emphasized the historical resistance/support (R/S) lines within this range and compared it to the previous cycle’s all-time high near $20,000. Alan stated that there is a significant amount of historical confluence in this range, indicating its importance for Bitcoin’s price movement.
Breaking through this range could have a significant impact on Bitcoin’s price and market sentiment.
Please note that this article does not provide investment advice or recommendations. It is important for readers to conduct their own research and analysis before making any investment or trading decisions.