Bitcoin (btc) returned to $38,000 on December 1 after November's monthly close became its best since April 2022.
Bitcoin Bears Fail to Spark Monthly Close Selloff
Data of Markets Cointelegraph Pro and TradingView tracked BTC's impressive overnight price performance, which held key support.
The close was just over $37,700, with the liquidity of the offering preserving the intraday range and avoiding a last-minute liquidation, according to order book data of commercial resource material indicators.
โMonthly close looks pretty good above $35,000,โ says popular trader Skew reacted on X (formerly Twitter).
"We could see a multi-week compression between $35,000 and $39,000."
Skew added that the main resistance on the monthly timeframes is now higher at $47,000 and around the 2021 all-time high of $69,000.
โThe monthly candle was excellent with a candle body low of $34.5K, this is important because the BODY low of the lower candle was higher than the BODY high of the previous candle. This is a sign of strength! Fellow trader and chartist JT continued in part from his own summary.
"And let's not forget that we closed $3,000 more this month than last month, and that's progress!"
JT described the long-term chart outlook as "consistent and constructive."
Bitcoin broke out in a low time period. pic.twitter.com/MBBXmZ2iBz
- The wolf of all the streets (@scottmelker) December 1, 2023
The trip above the $38,000 mark, which occurred hours after the close, marked Bitcoin's first notable move in the second half of the week. US macroeconomic data shows the opposite failed to attract a lot of response.
Jerome Powell, chairman of the Federal Reserve, was due to speak that day in what would be the last opportunity for external volatility to be unleashed.
BTC Price Range Has 'Significant' Features
Meanwhile, highlighting the stubborn nature of the current range below $40,000, Material Indicators co-founder Keith Alan argued that breaking it would be very significant.
Related: Bitcoin ETF Will Drive 165% BTC Price Rise in 2024 โ Standard Chartered
Alan referenced the historical resistance/support (R/S) lines in play within the range, these of similar importance to those already surpassed, such as the previous cycle's all-time high from 2017 near $20,000.
โIf you think BTC is hovering around an arbitrary price, you would be wrong. โThere is a significant amount of historical confluence in this small zone of R/S change,โ he stated. wrote overnight.
An accompanying chart showed the levels to watch on the monthly chart, along with long and short signals from one of Material Indicators' proprietary trading indicators.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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