The post Bitcoin Records Lowest November Gains: Will BTC Price Witness ‘Santa Rally’? appeared first on Coinpedia Fintech News
Bitcoin has proved to be one of the highest-performing assets, with a more than 130% jump since the beginning of the year. Despite the drop in volume at the end of the first quarter, the trend remained elevated until press time. However, the BTC price now appears to be poised to rise and hit the pivotal resistance at $40.000. Meanwhile, the star crypto is required to surpass crucial hurdles, without which achieving the above levels may not be possible.
In the short term, the BTC price enters the pivotal resistance zone between $38,178 and $38,427, trading within an ascending triangle. Bouncing from the lower diagonal support, the price remains stuck around these levels, indicating a breakout could be imminent. However, the RSI is rising, indicating the price will maintain a healthy upswing, with the MACD pointing towards rising buying pressure.
The BTC price is expected to hover within the resistance zone for a while and further trigger a healthy upswing, heading to reach $40,000. Before this, the price is required to face a couple of crucial resistance levels. As per the data from the on-chain platform Coinglass, nearly $2 million worth of Bitcoin short liquidations lie around $38,700.
Therefore, a price rise to these levels may trigger a huge liquidation in shorts that may further lift the price beyond $39,000. Above these levels, there is no strong resistance until $40,000, and hence a smooth ride beyond these levels could be possible. However, just below these levels, a strong resistance lies around $39,700, which has not been visited since May 2022.
This can be considered a turning point as if the price clears these levels, then the foundation for the bull run can be set. Further, the spot Bitcoin ETF and Bitcoin halving may become the catalyst for the start of a fine bull run towards new highs.
#PriceAnalysis #Bitcoin [Source: Coinpedia]