United

Bitcoin

The Bitcoin price recently showed some good strength and momentum to cross above the $38,300 level for the first time in over a year. This positive move came on Friday, 25th of November, ending a week marked by <a href="https://bitcoinist.com/binance-ceo-to-step-down-4-billion-settlement/" target="_blank" rel="noopener ">the departure of Changpeng “CZ” Zhao from Binance</a>, the world’s largest cryptocurrency exchange. 
According to the latest on-chain revelation, the rally above $38,000 might just be an indicator of what is to come, should the Bitcoin price maintain its current momentum. 
<h2 id="strong-santiment-predicts-push-to-40-000-but-here-s-what-needs-to-happen-strong">Santiment Predicts Push To $40,000, But Here’s What Needs To Happen</h2> 
Blockchain analytics platform Santiment, <a href="https://x.com/santimentfeed/status/1728141829043036580?s=20" target="_blank" rel="noopener nofollow">in a post on X</a>, provided insight on Bitcoin’s latest push above the $38,000 price. Although the premier cryptocurrency has since experienced a price correction, this latest surge helped the Bitcoin price to its highest point since May 5, 2022. 
While the <a href="https://bitcoinist.com/bitcoin-1-million-btc-prediction-math/" target="_blank" rel="noopener ">Bitcoin price</a> spurt can be tied to numerous factors, Santiment has pointed to the largest Tether (USDT) addresses as one of the major contributors. According to on-chain data provided by the analytics platform, the top 100 largest Tether addresses have invested $1.67 billion into the market over the past six months, reflecting a 9.7% in buying power. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-266327 size-large" src="https://bitcoinist.com/wp-content/uploads/2023/11/F_uWqdHXEAA5Gak.jpeg?resize=980%2C627" alt="Bitcoin Price" width="980" height="627" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/F_uWqdHXEAA5Gak.jpeg?w=1200 1200w, https://bitcoinist.com/wp-content/uploads/2023/11/F_uWqdHXEAA5Gak.jpeg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/11/F_uWqdHXEAA5Gak.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/F_uWqdHXEAA5Gak.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/F_uWqdHXEAA5Gak.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/F_uWqdHXEAA5Gak.jpeg?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
<a href="https://bitcoinist.com/tether-and-bitfinex-withdraw-opposition-ny-freedom/" target="_blank" rel="noopener ">Tether</a>, the largest US dollar stablecoin in the market, often provides stability for traders and investors in the naturally volatile cryptocurrency market. Going by Santiment’s revelation, the recent infusion of funds by USDT whale addresses suggests a growing confidence amongst the significant class of investors. 
Whales or large crypto holders are deemed important in the cryptocurrency landscape, as their collective actions can dictate market sentiment and influence the trajectory of asset prices. In fact, the on-chain intelligence platform highlighted that “if whale USDT buying power continues to rise,” <a href="https://bitcoinist.com/bitcoin-rally-last-two-glassnode-explains-why/" target="_blank" rel="noopener ">the Bitcoin price could break the $40,000 barrier</a> in the near future.&nbsp; 
Nevertheless, the Bitcoin market, as is the general cryptocurrency market, is also driven by a host of other factors, including regulatory developments, macroeconomic trends, and technological advancements. On regulatory developments, several <a href="https://bitcoinist.com/bitcoin-spot-etf-sec-blackrock/" target="_blank" rel="noopener ">asset managers are still awaiting the green light from the Securities and Exchange Commission (SEC)</a> to offer Bitcoin spot exchange-traded funds (ETFs) in the United States.&nbsp; 
<h2 id="strong-bitcoin-price-overview-strong">Bitcoin Price – Overview</h2> 
As of this writing, the Bitcoin price stands at $37,834, reflecting a 1.1% jump in the past 24 hours. Although the market leader had to endure a relatively quiet past week, <a href="https://bitcoinist.com/trader-buy-bitcoin-price-adds-another-zero/" target="_blank" rel="noopener ">BTC’s value has managed to grow</a> by nearly 4% in the last seven days, according to <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">data from CoinGecko</a>. With a market capitalization of roughly $739 billion, Bitcoin currently ranks as the largest cryptocurrency. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/ge5X0pcn/" alt="Bitcoin Price" width="2174" height="1442">

Bitcoin Price To $40,000? Here’s What Needs To Happen

Table of Contents

Bitcoinist

Other articles published on Nov 25, 2023

Harvest Global to establish fixed income tokenized fund

Ethereum Breaks Through: $2,000 Barrier and Beyond

Zipmex Thailand Announces Trading Halt Amid Regulatory Compliance

A $214B iGaming Revolution: Benefit From The Excellence of Top Platforms

VESA at Cypher Capital

Zipmex Temporarily Shuts Down Trading Services in Thailand

Join our free newsletter for daily crypto updates!