Bitcoin ETF

Bitcoin

Strong

<ul>
 <li><strong>At the time of writing, Bitcoin is trading at $38,238, up 4.37% in the last 24 hours.</strong></li>
 <li><strong>If the price manages to clearly break above $38,320 level, then it will likely test $40,600.</strong></li>
</ul>
<p>Despite recouping a significant portion of the losses sustained during the catastrophic market collapse of 2022, Bitcoin’s price has seen significant volatility this year.</p>
<p>Compared to its value on January 1, 2023, the current price of <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> is over $38,200, a rise of 130%. Some market watchers think BTC’s rise is still in its infancy and that it will soon reach new heights. The impending <a href="https://thenewscrypto.com/will-the-btc-halving-etfs-and-positive-regulations-bring-a-bullish-2024/" target="_blank" rel="noopener noreferrer nofollow">halving</a> and the probable approval of a spot Bitcoin ETF in the U.S are expected to drive the next prospective bull run.</p>
<p>Analysts have reported that the velocity indicator, which shows the trading volume of Bitcoin, has hit new lows. The present Bitcoin velocity differs from the average observed during the previous bear market in 2018-2019, according to Bitfinex researchers.</p>
<p>The low Bitcoin velocity, according to Bitfinex’s analysts, shows that crypto investors are hesitant to sell and that purchasers are looking for fresh supplies. Due to the several higher lows recorded by the Bitcoin, the price seems to be about to test for a breakout.</p>
<h3 class="wp-block-heading" id="h-bulls-in-total-control">Bulls in Total Control</h3>
<p>The market saw substantial price activity when Bitcoin’s price first claimed the $35,000 barrier this month. Following this, the price encountered resistance over $38,000 but kept gaining pace.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/11/BTC_7D_graph_coinmarketcap-10.png" alt="" class="wp-image-86579" srcset="https://thenewscrypto.com/wp-content/uploads/2023/11/BTC_7D_graph_coinmarketcap-10.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/11/BTC_7D_graph_coinmarketcap-10-300x181.png 300w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>At the time of writing, Bitcoin is trading at $38,238, up 4.37% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 27.04%. The price started a fresh rally after finding support at $36,790 on November 27.</p>
<p>If the price manages to clearly break above $38,320 level, then it will rise further to test $40,600 resistance level. Contrarily, if the price falls below $37,720 then it will likely test $37,200 support level.</p>

Bitcoin Price Eyes $40k Level as Bulls Continue Strong Domination

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TheNewsCrypto

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