Bitcoin sees best monthly close in 19 months as BTC price taps $38K
BTC price strength endures the end of November, Bitcoin beginning the new month with a trip toward the top of its local range.
Bitcoin (BTC) returned to $38,000 on Dec.
Bitcoin bears fail to spark monthly close sell-off
Data from Cointelegraph Markets Pro and TradingView tracked impressive overnight BTC price performance,which held key support.
The close came in at just over $37,700, with bid liquidity preserving the intraday range and avoiding a last-minute sell-off, per order book data from trading resource Material Indicators.
“Monthly close looks pretty good closing above $35K,” popular trader Skew reacted on X (formerly Twitter.)
$BTC
Bitcoin breaking out on low time frame. pic.twitter.com/MBBXmZ2iBz
— The Wolf Of All Streets (@scottmelker) December 1, 2023
Skew added that major resistance on monthly timeframes now lay higher — at $47,000 and around the 2021 all-time high of $69,000.
“Monthly candle was excellent with a candle body low of $34.5K, this is important in that the lower candle BODY low was higher then the preceding candle BODY high. This is a sign of strength!” fellow trader and chartist JT continued in part of his own summary.
JT described the high-timeframe chart outlook as “consistent and constructive.”
The trip above the $38,000 mark, which came hours after the close, marked Bitcoin’s first noticeable move in the latter half of the week. United States macroeconomic data prints conversely failed to attract much of a response.
Jerome Powell, Chair of the Federal Reserve, was due to speak on the day in what would be the last chance for external volatility to be triggered.
BTC price range has “significant” features
Highlighting the stubborn nature of the current range below $40,000, meanwhile, Material Indicators co-founder Keith Alan argued that clearing it would be highly significant.
Related: Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered
Alan referenced the historical resistance/support (R/S) lines in play within the range, these of similar importance to those already cleared, such as the previous cycle’s 2017 all-time high near $20,000.
“If you think BTC is hovering around an arbitrary price you would be mistaken. There is a significant amount of historical confluence in this little R/S Flip Zone,” he wroteovernight.
An accompanying chart showed the levels to note on the monthly chart, along with long and short signals from one of Material Indicators’ proprietary trading indicators.