Despite recent correction movements in the cryptocurrency markets, the overall uptrend continues, with Bitcoin trading around $38,000 as of November 29. Notably, the US Securities and Exchange Commission’s (SEC) decision to postpone Bitcoin spot ETF applications has increased hopes among investors for January.
According to TradingView data, Bitcoin’s momentum continues to target the highest levels of the last 18 months. With the rise on November 28, Bitcoin’s price reached current peak levels and saw $39,000 in the futures market, surprising investors with the SEC’s decision.
During the ongoing process, some analysts warned large-volume investors about the liquidation of delayed long positions at the peak due to excitement in the futures market. Keith Alan, the founding partner of the data monitoring platform Material Indicators, cautioned investors to be wary of whale investors during this period.
Alan suggested that the press conference by Federal Reserve Chairman Jerome Powell, scheduled for December 1, could be an external factor that might push Bitcoin’s price over $40,000. Additionally, a chart shared by Material Indicators shows that order book liquidity for BTC/USD is concentrated at a level of $38,500, which had not been tested at the time the article was written.
Nevertheless, many analysts continue to believe that further gains in the short term are possible and even likely. Skew, a popular trader analyzing market conditions, shared in a tweet with followers that the only thing missing for a proper breakout at the $40,000 level is volume.