BTC Price Analysis Plus Two Other Tokens to Watch ( Bitcoin ETF Token, Bitcoin Minetrix )
The post BTC Price Analysis Plus Two Other Tokens to Watch ( Bitcoin ETF Token, Bitcoin Minetrix ) appeared on BitcoinEthereumNews.com.
Bitcoin has just reached its highest price since May 2022, breaking the $38.5K resistance with its current price at $38.8K. Will it pump to $40K or return to its previous trading zone? Meanwhile, two trend-savvy Bitcoin-related cryptos, Bitcoin ETF Token and Bitcoin Minetrix, are also surging ahead in their respective presales. Bitcoin Looks Strong After Bullish Daily Close Throughout November, Bitcoin struggled at the $38K-$38.5K resistance, rejecting it multiple times. However, a recent rally has caused the price to break above, with a daily candle closing at $38.7K. The daily close tells us buyers were still in control at this level, indicating strong bullish momentum. The current daily candle is also strong, displaying no rejection and pushing higher. Meanwhile, trading volume has begun to pick up following the breakout. This is a sign that interest is brewing as the market anticipates a move higher. With this in mind, Bitcoin stands a strong chance of continuing to pump toward $40K, which is a psychologically important level where there will likely be much interest and trading activity. Based on the Fibonacci Retracement tool, Bitcoin is currently in a buy zone, where a macro trend reversal confirmation has occurred, but it still holds significant upside potential. According to the tool, Bitcoin’s next target will be around $42.4K should it continue to uptrend. Moving to market sentiment, the community is massively excited about the close above $38K due to the tireless resistance it provided. The Bitcoin Fear and Greed Index has jumped three points from 69 to 72, showing investors are significantly more confident following the bullish candle. Meanwhile, analysts and influencers have weighed in on the situation, too. Mister Crypto noted, “It’s game over for all $BTC bears,” in response to the breakout. The tweet was posted 21 hours ago and received over…
Filed under: News - @ December 2, 2023 6:18 pm