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<ul>
 <li>Bitcoin and other cryptocurrencies experienced a decline following the latest leg of a significant rally in digital assets over the past six weeks.</li>
 <li>Bitcoin’s price dropped over 1% in the last 24 hours, falling below $37,700, after attempting to break above $38,000 earlier this week.</li>
 <li>What significantly boosted cryptocurrencies was optimism that U.S. regulators would soon approve the first spot Bitcoin exchange-traded fund (ETF).</li>
</ul>
<p><strong>Bitcoin struggles to gain strength above $38,000: As November comes to an end, Bitcoin’s price attempts to determine its direction!</strong></p>
<h2 id="strong-bitcoin-price-unable-to-stay-above-38-000-strong"><strong>Bitcoin Price Unable to Stay Above $38,000</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126538" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="Bitcoin-BTC" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-41-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Bitcoin and other cryptocurrencies experienced a decline following the latest leg of a significant rally in digital assets over the past six weeks. While a decisive price level remains an obstacle for Bitcoin, analysts and traders maintain that they are still in a bull market.</p>
<p>Bitcoin’s price dropped over 1% in the last 24 hours, falling below $37,700, after attempting to break above $38,000 earlier this week; this level marks the highest point where cryptocurrencies faced a severe drop 19 months ago. The largest digital asset gained over 33% since mid-October, exiting a several-month period of calm in crypto trading and prompting calls for a new bull market.</p>
<p>FxPro analyst Alex Kuptsikevich stated that the current price movement in Bitcoin shows “another pullback as part of a broader upward trend that started in mid-October but slowed down in the last few weeks.”</p>
<p>What significantly boosted cryptocurrencies was optimism that U.S. regulators would soon approve the first spot Bitcoin exchange-traded fund (ETF); this is expected to bring a new wave of investor interest to digital assets. With Bitcoin in a trend supporting the Dow Jones Industrial Average and S&amp;P 500, driven by an improving macroeconomic environment, influenced by the Federal Reserve’s expectations of several interest rate cuts next year.</p>
<h2 id="strong-ending-november-strong"><strong>Ending November</strong></h2>
<p>As November comes to an end, Bitcoin concludes a two-month intense period, and the main obstacle remains in the $38,000 price range. Bitcoin surpassed this level several times in recent weeks, but the atmosphere above $38,000 became uncertain as the prices could not consolidate stably above this point. Kuptsikevich continued:</p>
<blockquote>
 <p>“This market has proven that it is not ready to accelerate but has not found a reason to go deep. Only a failure below $36,700 confirms that $38,000 is strong horizontal resistance. Without this confirmation, the working scenario remains within an upward range.”</p>
</blockquote>
<p>Apart from Bitcoin, the second-largest cryptocurrency, Ether, dropped 1% to $2,030. Smaller tokens or altcoins were more mixed, with Cardano falling 2% while Polygon rose 2%. The situation was the same for meme coins, with Dogecoin rising 2% while Shiba Inu fell 1%.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-price-unable-to-sustain-above-38000-whats-the-current-status-for-btc/">Bitcoin Price Unable to Sustain Above $38,000: What’s the Current Status for BTC?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Bitcoin Price Unable to Sustain Above $38,000: What’s the Current Status for BTC?

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