Bitcoin Holds Steady at $38K Amidst Market Analysis
Bitcoin (BTC) maintained its momentum at $38,000 on November 29th, with analysts warning of possible market corrections. The largest cryptocurrency surprised traders by keeping a grip on higher levels as futures markets hit $39,000. However, some caution that large-volume traders could leave late long positions stranded at the top.
‘Whale Games’ Pose a Warning to Bitcoin Investors
Keith Alan, co-founder of monitoring resource Material Indicators, advised traders to be wary of potential "whale games." He warned that recent price movements, such as a pullback from $38,000 to $38,500, may not be friendly gestures from large-volume traders but rather attempts to manipulate the market.
Jerome Powell’s Speech Could Impact Bitcoin Price
Alan also highlighted the upcoming speech by Jerome Powell, chair of the United States Federal Reserve, on December 1st. He suggested that Powell's words could serve as a catalyst for Bitcoin's price, potentially pushing it past the $40,000 mark. However, whales may be monitoring a key level at which to sell off their holdings.
Short-Term Upside Potential for Bitcoin
Despite the cautionary warnings, some traders remain optimistic about Bitcoin's potential for short-term gains. Popular trader Skew analyzed the current market composition and concluded that volume was the only missing factor for a breakout towards the $40,000 milestone.
Bill Ackman Predicts Fed Rate Cut in Q1
Prior to Powell's speech, key U.S. macro data, including Q3 GDP and the October print of the Personal Consumption Expenditures Index, will influence Fed policy decisions. Bill Ackman, CEO and founder of hedge fund Pershing Square Capital Management, stated that the Fed may need to pivot on rates in early 2024 to avoid a "hard landing" for the U.S. economy as inflation decreases.
Please note that this article does not provide investment advice. Readers are advised to conduct their own research and make informed decisions.
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