A new development has taken place for Bitcoin in the cryptocurrency world. Bitcoin broke the record of 2023 by surpassing the $38,450 level at the time of writing. It started December with a sense of a new rise. The breakthrough in resistance will pave the way for new levels.
Positive developments that have brought price increases in Bitcoin continue. Bitcoin recently experienced a significant increase in hash power. This situation especially showed how powerful it is.
Another important development was about the decrease in the amount of Bitcoin on exchanges. The withdrawal of Bitcoin from exchanges highlighted the high expectation of price increase. These developments are currently reflected in the price.
Today, we witnessed the opening of an important resistance level for Bitcoin. The $38,000 level has been serving as resistance for Bitcoin for a long time. BTC broke this resistance overnight and consolidated its position. Then it started pushing itself for new records.
Surpassing the 2023 record level of $38,450 brought a new record level of $38,694. Now everyone’s question is about the new direction of BTC. Analysts have various opinions at this point. Analyst Michaël van de Poppe highlighted the $38,500 level as an important resistance, stating that breaking this level will pave the way for a $40,000 journey. Bitcoin will then reach the $42,000 levels. At the time of writing, the crypto leader BTC is trading at $38,609.