Reserve

Chair

Bitcoin

Terra

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The price of <a href="https://u.today/bitcoin-btc-whales-balance-hits-new-milestone-details" rel="noopener noreferrer nofollow">Bitcoin</a> shot up to its highest point so far this year as investors considered remarks made by Federal Reserve Chair Jerome Powell, which suggested that interest rates would remain unchanged.
The biggest cryptocurrency by market capitalization extended its rally on Friday, reaching $39,000 on the Coinbase crypto exchange.
With its recent surge, Bitcoin has <a href="https://u.today/bitcoin-btc-price-analysis-for-november-16" rel="noopener noreferrer nofollow">reached</a> its greatest value since May 2022, right before the cryptocurrency sector was rocked and prices started a gradual slide due to the collapse of the Terra ecosystem.
As 2023 draws to a close, cryptocurrency speculators are focused on the possibility that Bitcoin may reach $40,000, since the largest digital asset has more than doubled in value in the year.
Bitcoin has increased by more than 133% so far this year, outpacing gains in many other traditional sectors as investors turned to riskier assets.
The hope among traders and the cryptocurrency community as a whole that the U.S. Securities and Exchange Commission may soon approve the first exchange-traded fund directly linked to Bitcoin is driving up prices.
<h2 id="bitcoin-price-path-cleared-for-40-000">Bitcoin price path cleared for $40,000</h2>
Bitcoin nearly scraped $39,000, according to on-chain analytics firm <a href="https://twitter.com/santimentfeed/status/1730678616739201170" rel="noopener noreferrer nofollow">Santiment</a>, on the news that the U.S. Fed interest rates might remain unchanged until at least 2024.
<blockquote>
 🥳 As <a href="https://twitter.com/hashtag/JeromePowell?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#JeromePowell</a> announced <a href="https://twitter.com/hashtag/Fed?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Fed</a> interest rates will be staying put for now, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> nearly scraped $39K. As a bonus, attention has increasingly been on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> instead of <a href="https://twitter.com/hashtag/altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#altcoins</a>, representing enough fear typically needed for prices to continue rising. <a href="https://t.co/Fpv1wz9Mz5" rel="noopener noreferrer nofollow">https://t.co/Fpv1wz9Mz5</a> <a href="https://t.co/F0n1YpAXgg" rel="noopener noreferrer nofollow">pic.twitter.com/F0n1YpAXgg</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1730678616739201170?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 1, 2023</a>
</blockquote>
With this move, Santiment believes that Bitcoin's path has already been cleared for a $40,000 price.
Adding to this positivity is the fact that attention has increasingly been on <a href="https://u.today/bitcoins-btc-jump-to-37000-heres-what-happened-recently" rel="noopener noreferrer nofollow">BTC</a> instead of altcoins, which, according to Santiment, represents "enough fear typically needed for prices to continue rising."
Santiment observed that as interest in altcoins wanes, Bitcoin's social dominance has increased in just one month.
At the time of writing, BTC was up 0.78% in the last 24 hours to $38,782, reaching intraday highs of $38,848 in Saturday's trading session.

Bitcoin (BTC) Price Path to $40,000 Cleared, Here's What Might Further Aid It

Table of Contents

U_Today

Other articles published on Dec 2, 2023

Here Are The Exchanges Currently Benefiting From Binance’s Troubles – Report

Coinbase CEO Clarifies: No Plans for Base Token Launch!

OKX Steps into India’s Web3 Space, Polygon Co-Founder Appreciates

Two Decentralized Exchanges Announce Second Hack in Three Days: What’s the Damage?

Arweave Network: A Decentralized Platform for Permanent Data Storage

Miami Crypto Fraud Case Ends With Crew Leader Receiving 63-Month Prison Sentence

Join our free newsletter for daily crypto updates!