Traders Focused on Monthly Close
Bitcoin (BTC) shrugged off the latest US macro data as traders turned their attention to the monthly close. BTC price movements remained within a narrow range below $38,000, following a failed breakout the previous day.
PCE Data Keeps Fed Pivot Pressure Alive
The Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation metric, came in line with expectations. This supports the Fed's monetary tightening efforts and confirms declining inflation. However, market expectations of a rate hike pause next month remain unchanged.
Bitcoin's Strong November Performance
Bitcoin market participants are more interested in the monthly close, as BTC/USD saw gains of nearly 10% in November. If the price remains above $37,660, it will be the highest monthly close since May 2022. In contrast, Bitcoin experienced negative returns in November 2021 and 2022.
Trader Bullish on Bitcoin's RSI Readings
Popular trader Jelle identified a bullish signal in Bitcoin's relative strength index (RSI) readings. After a month of building a hidden bullish divergence, Bitcoin broke its RSI downtrend. Jelle believes that if the price can hold a specific area, it could move higher.
This article does not provide investment advice. Readers should conduct their own research before making any investment or trading decisions.
