Bitcoin (BTC) returned to $38,000 on December 1 after the monthly close in November marked its highest since April 2022.
Bitcoin weakness failed to trigger a monthly sell-off.
Data from Cointelegraph Markets Pro and TradingView tracked an impressive overnight BTC price performance that held significant support.
The closing price was just over $37,700, with bid liquidity remaining within the intraday range and avoiding last-minute selling. order data In trading resources material indicators.
“The closing price for the month looks pretty good, above $35,000.” Popular Trader Skew reacted On X (formerly Twitter)
“There could be a few weeks of compression between $35,000 and $39,000.”
Skew added that key resistance on the monthly period is currently at $47,000 and higher at $69,000, the all-time high for 2021.
“The monthly candle was great with a candle low of $34.5K. This is important because the lower candle BODY low was higher than the previous candle BODY high. This is a sign of strength!” Fellow trader and chartist JT continued This is part of his own summary.
“And let’s not forget that we closed $3,000 more this month than we did last month. That’s progress!”
JT described the chart outlook for higher periods as “consistent and constructive.”
Bitcoin is breaking out of the low time zone. pic.twitter.com/MBBXmZ2iBz
— Wolves on Every Street (@scottmelker) December 1, 2023
The rise above the $38,000 mark, which occurred hours after the market closed, marked Bitcoin’s first notable move later in the week. Conversely, printing US macroeconomic data did not elicit much response.
Federal Reserve Chairman Jerome Powell was scheduled to speak today about what could be the last chance for external volatility to ignite.
The BTC price range has a “significant” feature.
Meanwhile, Keith Alan, co-founder of Material Indicators, highlighted the bullish nature of the current range below $40,000, arguing that clearing it would be critical.
Related: Bitcoin ETF Will Drive BTC Price Up 165% in 2024 — Standard Chartered
Allen referenced the historical Resistance/Support (R/S) line operating within the range, which had similar significance to the line already cleared near the 2017 all-time high of $20,000 in the previous cycle.
“If you think BTC is hovering around an arbitrary price, you are mistaken. “There is a significant amount of historical confluence in this small R/S flip zone,” he said. wrote Overnight.
The attached chart shows the long and short signals of one of Material Indicators’ unique trading indicators, along with the levels to watch on the monthly chart.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.