Bitcoin

<div class="sg-post-des">
 Bitcoin briefly spikes above the $38,000 mark as a new low-timeframe BTC price battle breaks out.
</div>
<div class="cointelegraph">
 Bitcoin (BTC) bulls kept the pressure on 18-month highs on Nov. 24 as analysis eyed buyer interest spiking.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/24/785f7450b4704c024b9f4c1a09e677a9.webp">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
 </figure>
 <h2 id="bitcoin-fights-for-new-18-month-high">Bitcoin fights for new 18-month high</h2>
 Data from Cointelegraph Markets Pro and TradingView showed the BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trajectory heading upward into the Wall Street open.
 The largest cryptocurrency saw increasing momentum during the Asia trading session, this nonetheless with its roots on derivatives markets.
 Following the action, popular trader Skew confirmed that a single entity was likely behind the latest charge on $38,000.
 “Some <a rel="noopener noreferrer nofollow" title="buyer" href="https://thebittimes.com/tag/buyer.html">buyer</a> probably single <a rel="noopener noreferrer nofollow" title="buyer" href="https://thebittimes.com/tag/buyer.html">buyer</a> is trying to push the market higher here ~ clear correlation between spot &amp; perp CVDs / Delta,” he wrote in part of his latest post on X (formerly Twitter.)
 <blockquote class="twitter-tweet">
 $BTC Update Looking like there's some direction buyer again here on binance - they're bidding spot &amp; opening a long Shorts on bybit perps continue to get hunted Market CVDs &amp; Delta Some buyer probably single buyer is trying to push the market higher here ~ clear correlation… https://t.co/Hu6FNp1Ltc pic.twitter.com/5KaODZC7Hv— Skew Δ (@52kskew) November 24, 2023
 </blockquote>
 Skew subsequently revealed the long BTC position had been closed, and with momentum flagging, a higher high (HH) was needed on lower timeframes — beyond the current $38,000 ceiling. At the time of writing, this was in progress.
 <blockquote class="twitter-tweet">
 $BTC Looks like binance long has closed out, so they could have just engineered liquidity to get some asks filled LTF CVDs So first thing here is CVDs are higher vs <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> so there's some momentum behind this move however, yet to be seen without another HH Secondly, spot… pic.twitter.com/regcjdj2tw— Skew Δ (@52kskew) November 24, 2023
 </blockquote>
 Zooming out, others were still optimistic about resistance levels ultimately falling. For Michaël van de Poppe, founder and CEO of trading firm MN Trading, it was all about the $40,000 mark.
 “Still so far, so good on Bitcoin,” he told X subscribers on the day.
 <blockquote>
 “Slowly grinding upwards to a new resistance point and a break above $38K immediately means $40K is next.”
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/24/320ef6d8864e46911b22d7c3086a0ccf.webp">
 <figcaption style="text-align: center;">BTC/USD annotated chart. Source: Michaël van de Poppe/X
 </figcaption>
 </figure>
 Fellow popular <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> Daan Crypto Trades meanwhile described $38,000 as the line in the sand after which “easy mode” returns to Bitcoin trading. The corresponding level on Ether (ETH), he added, was $2,150.
 <h2 id="about-turn-at-40-000">About turn at $40,000?</h2>
 Some market participants believe that a fresh BTC price retracement will enter following an initial foray into the area around $40,000.
 Related:&nbsp;Bitcoin to $1M post-ETF approval? BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> predictions diverge wildly
 Among them is popular trader Crypto Tony, who, on the day, suggested that even $39,000 could prove a short-term turning point.
 <blockquote class="twitter-tweet">
 $BTC / $USD - Update My plan has not changed, pump us to $39,000 - $40,000 then drop please pic.twitter.com/AJkLRmD4U5— Crypto Tony (@CryptoTony__) November 24, 2023
 </blockquote>
 $39,000, meanwhile,&nbsp;stands out for a variety of reasons, including the aggregate profitability of those who bought BTC during the 2021 bull market.
 Elsewhere, encouraging signs from Bitcoin’s relative strength index (RSI) continued to provide bulls with fuel for further upside.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/24/969c43e23e1525378746c9af8b05a134.webp">
 <figcaption style="text-align: center;">BTC/USD 1-day chart with RSI. Source: TradingView
 </figcaption>
 </figure>
 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
 <template data-name="subscription_form" data-type="markets_outlook"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-buyer-pushes-btc-price-past-38k-as-traders-demand-key-breakout-tbt71506.html">https://thebittimes.com/bitcoin-buyer-pushes-btc-price-past-38k-as-traders-demand-key-breakout-tbt71506.html</a>

Bitcoin buyer pushes BTC price past $38K as traders demand key breakout

Table of Contents

TheBitTimes

Other articles published on Nov 24, 2023

STFX (STFX) Price Prediction 2024, 2025, 2030, 2040, and 2050

Expert Explains Key Ways to Get the Best of the Incoming Crypto Bull Run

Three People Who Stole Their Friend’s 7 Bitcoins Have Been Sentenced To Prison

US Regulator Sends Critical Warning to Exchanges: Details

Gold Rush Global Group Pty Ltd Showcases Leadership in Financial Services with Emphasis on Crypto...

XRP Price Could Hit $10,000 If It Overtakes SWIFT, Pundit Suggests

Join our free newsletter for daily crypto updates!