Bitcoin Bulls Eye New 18-Month High
Bitcoin (BTC) bulls are maintaining pressure as the price reaches 18-month highs on November 24. Analysis indicates a spike in buyer interest.
Bitcoin Fights for New High
Data from Cointelegraph Markets Pro and TradingView show that the BTC price trajectory is heading upward as Wall Street opens. The largest cryptocurrency is gaining momentum during the Asia trading session, primarily driven by derivatives markets.
Single Buyer Behind Price Surge
Popular trader Skew confirms that a single entity is likely responsible for the recent surge to $38,000. Skew notes a clear correlation between spot and perpetual CVDs/Delta, suggesting a strategic buyer is pushing the market higher.
Optimism for Resistance Levels
Despite some skepticism, others remain optimistic that resistance levels will continue to fall. Michaël van de Poppe, founder and CEO of trading firm MN Trading, believes that a break above $38K will pave the way for $40K.
Possible Retracement at $40,000
Market participants anticipate a potential retracement following the initial move past $40,000. Traders such as Crypto Tony suggest that $39,000 could be a short-term turning point.
Encouraging Signs from RSI
Bitcoin's relative strength index (RSI) continues to provide bullish signals, further fueling optimism for upside potential.
Please note that this article does not provide investment advice or recommendations. Readers are advised to conduct their own research before making any investment or trading decisions.
