As traders look for a key breakout, Bitcoin buyers push the price of BTC above $38k
Bitcoin (BTC) bulls maintained pressure at 18-month highs on November 24 as analysis showed buyer interest.
Bitcoin fights for a new 18-month high
Data from Cointelegraph Markets Pro and TradingView showed BTC prices heading higher at the Wall Street open.
The largest cryptocurrency saw increasing momentum in the Asian trading session, however, with its roots in the derivatives markets.
Following the incident, popular trader Skew confirmed that he may have been a part of the latest payout of $38,000.
“Some buyer maybe a single buyer is trying to push the market up here ~ clear correlation between spot and CVDs / delta,” he wrote in part in a recent post on X (formerly Twitter).
$BTC update looks like there is some directional buyer here on binance – they are bidders and open long
The shorts on Bybit Perps continue to hunt.
Market CVDs and Delta Some buyer maybe single buyer trying to top the market here ~ clear correlation… pic.twitter.com/5KaODZC7Hv
— Skew Δ (@52kskew) November 24, 2023
Next, Skew revealed that the long BTC position is closed, and with a quick flag, a higher high (HH) is needed on lower timeframes – above the current ceiling of $38,000. This report was in progress at the time of writing.
$BTC binance seems to be closed for a long time, so they could have liquidity engineering to fill some requests.
LTF CVDs So the first thing here is that CVDs are higher relative to value so there is some motivation behind this move but without another HH yet to be seen.
Secondly, place… pic.twitter.com/regcjdj2tw
— Skew Δ (@52kskew) November 24, 2023
By extension, others still held out hope that levels of resistance would eventually fall. Michael van de Pop, founder and CEO of MN Trading, was the $40,000 mark.
“So far, very good on Bitcoin,” he told X subscribers on the day.
“A slow grind upwards to a new resistance point and a break above $38K means $40K is immediately next.”
Prominent trader Dan CryptoTrades stated that $38,000 is the line in the sand after which “easy mode” will return to Bitcoin trading. The corresponding level on Ether (ETH), he added, was $2,150.
To turn around $40,000?
Some market participants believe that a new decline in BTC price is coming following the initial push towards the $40,000 area.
Related: Bitcoin To $1M Post-ETF Approval? BTC price predictions vary greatly
Among them is the famous trader Crypto Tony, who suggested that even $39,000 could prove a short-term change on the day.
$BTC / $USD – Update
My plan hasn't changed, bring it down to $39,000-$40,000 and drop it please pic.twitter.com/AJkLRmD4U5
— CryptoTony (@CryptoTony__) November 24, 2023
$39,000, meanwhile, stands out for several reasons, including the overall profitability of those who bought BTC during the 2021 bull market.
Elsewhere, encouraging signs from Bitcoin's Relative Strength Index (RSI) continue to fuel bulls for further reversals.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
