Bitcoin sees its best monthly close in 19 months as BTC price rises to $38,000
After November's best monthly close since April 2022, Bitcoin (BTC) rebounded to $38,000 on December 1.
Bitcoin bears fail to trigger monthly close sell-off.
Data from Cointelegraph Markets Pro and TradingView tracked an impressive overnight BTC price performance, which had key support.
The close came above $37,700, with bid liquidity maintaining the intraday range and avoiding last-minute selling from trade input material indicators on order data.
“The close of the month looks great,” noted trader Skew on X (formerly Twitter).
“I could see a multi-week squeeze somewhere between $35K-$39K.”
Skew added that resistance on monthly timeframes is high now — at $47,000 and an all-time high of $69,000 in 2021.
“The monthly candle was very good. The body of the candle is the low at $34.5K. This is important because the lower candle BODY is the lower high and the previous candle BODY is higher. This is a sign of strength!” Fellow trader and chartist JT continued in part with his own summary.
“And let's not forget, we closed $3K more this month than last month, and that's progress!”
JT described the high-term chart outlook as “consistent and constructive.”
$BTC
Bitcoin is emerging in a lower timeframe. pic.twitter.com/MBBXmZ2iBz
— The Wolf Of All Streets (@scottmelker) December 1, 2023
The move above the $38,000 mark, which came hours after the close, marked Bitcoin's first visible move in the latter half of the week. US macroeconomic data releases, in contrast, failed to attract much response.
Federal Reserve Chairman Jerome Powell had to say what would be the last chance to trigger foreign volatility later in the day.
BTC price range has “significant” characteristics
Highlighting the stubborn nature of the current range below $40,000, meanwhile, Keith Allan, co-founder of Material Indicators, argued that clearing is highly significant.
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Alan mentioned historical resistance/support (R/S) lines in play in the range, which are of similar significance to those previously cleared, such as last cycle's 2017 all-time high around $20,000.
“If you think BTC is hovering at an arbitrary price, you're wrong. There is a huge amount of historical consolidation in this small R/S flip zone,” he wrote overnight.
The accompanying chart shows the levels observed on the monthly chart, along with one of the long and short signals of proprietary trading indicators.
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.
