Bitcoin (BTC) Continues to Shine as Thanksgiving Week Kicks Off
If you are watching the cryptocurrency market, you’ve probably noticed that Bitcoin (BTC) started its Thanksgiving week in the United States with a return to $37,000. It appears that the bulls are unwilling to let go of the reins just yet.
Despite the fact that Bitcoin price action is tantalizingly next to 18- 30 days highs, another weekly close demonstrates fresh evidence of momentum in the bull market. Bitcoin (BTC) continues to hold onto reclaimed ground. Although while the upside is not as rapid as in previous weeks, BTC/USD is still up 7% month-to-date.
What Might Happen to Bitcoin (BTC) in the Upcoming Days?
A variety of macroeconomic data prints might inspire some sudden volatility, while beneath the surface, Bitcoin’s network fundamentals look robust, as evidenced by the fact that over 70% of the coins dormant for a year or more now make up the supply for the first time.
Simultaneously, Bitcoin (BTC) dominance remains strong, leading some to believe that a classic cryptocurrency bull market might just be getting started.
Bitcoin (BTC) Traders Weigh the Odds of a Price Retracement
Bitcoin (BTC) closed the week at $37,500, although it failed to sustain that level. Popular trader, Skew pointed out that “considerable supply over price & towards $40K.” This would require persistent demand for spot Bitcoin to break, with positive trend confirmation signaling for higher prices & demand.
Nonetheless, it seems that the market participants are anticipating rangebound trading in the short term. BTC/USD continues to be up 7% in November, its best performance since 2020. Despite the fact that sentiment in the market isn’t great, the 30 days of December is expected to bring volatility.
United States Thanksgiving Week Leads to a Short Set of Macroeconomic Data Releases
This coming week in the United States is set to be characterized by a few macroeconomic data releases. Jobless states make up one of the highlights, release on November 22. Nonetheless, consensus remains nearly unanimous that the Federal Reserve’s Federal Open Market Committee (FOMC) will keep interest rates at the present levels during their meeting in mid-December.
Bitcoin (BTC) Mining Boom Raises Concerns between Analysts
Bitcoin’s network fundamentals remain strong, with both hash rate and mining difficulty in full bull mode, although some are concerned as new hash rate highs traditionally preceded a Bitcoin price comedown. BTC’s next automated difficulty readjustment is scheduled for November 25.
Dominance Fuels Hopes of Classic Bull Market
In the case of Bitcoin (BTC) versus altcoins, the classic market cap dominance surge remains in play. Research firm, Santiment wrote in an update that ” Bitcoin (BTC) price dominance is eventually back, at least for the time being.”
Bullish Chart Signals Record-Breaking Dormant Supply
The metric illustrating the percentage of mined Bitcoin which has not moved in at least a year has now hit all-time highs, with over 70% of the supply remaining dormant. Glassnode data indicates that Bitcoin (BTC) has gained over 139% in the past year.
Hot Take: Analysts remain positive trend on Bitcoin
It appears that Bitcoin (BTC) traders are not quite ready to relax their grip on the impressive recent gains. The market is showing some indications of overheating, but overall, Bitcoin’s fundamentals remain steady. Nonetheless, traders might need to brace for probable price swings ahead if they want to secure higher profits. Keep an eye out for any market-changing news. Only time will tell how Bitcoin (BTC) will fare in the coming weeks. Make sure to stay tuned and follow the developments closely.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.