Bitcoin (BTC) reached $38,000 on December 1st, following its strongest monthly close since April 2022.
Bitcoin bulls prevent sell-off
The monthly close was just above $37,700, with bid liquidity preventing a last-minute sell-off, according to order book data from trading resource Material Indicators.
Skew, a popular trader, commented that the monthly close looked good and highlighted the possibility of a consolidation between $35K and $39K.
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Skew also noted that major resistance levels on the monthly timeframe were at $47,000 and around the all-time high of $69,000.
Another trader, JT, described the high-timeframe chart outlook as “consistent and constructive” and highlighted the progress made compared to the previous month.
BTC price range has significant features
Keith Alan, co-founder of Material Indicators, emphasized the importance of breaking through the current range below $40,000. He pointed out historical resistance/support lines within this range that are similar to those cleared in previous cycles.
Alan’s chart showed key levels on the monthly chart and provided long and short signals from Material Indicators’ proprietary trading indicators.
The move above $38,000 marked Bitcoin’s first significant movement in the latter half of the week. Macro data from the United States did not have much impact on Bitcoin’s price.
Federal Reserve Chair Jerome Powell was scheduled to speak on that day but did not trigger any external volatility.
Hot Take: BTC shows strength with strong monthly close
Bitcoin’s strong monthly close above $35K is a positive sign for its price. The resistance levels at $47,000 and the all-time high of $69,000 will be crucial to watch going forward. Breaking through the current range below $40,000 would be highly significant for Bitcoin’s price movement. The high-timeframe chart outlook remains consistent and constructive, indicating further potential gains. The recent move above $38,000 is a positive development and could signal further upward momentum in the market.
