- In the ever-evolving landscape of the digital currency world, Bitcoin is currently trading at an impressive $38,765 on Saturday, with about a 2% increase.
- Investors are now speculating whether $40,000 is the next milestone for Bitcoin’s upward journey, closely monitoring the situation.
- In the cryptocurrency world, the price movement of Bitcoin on December 1 presents a situation akin to bullish resistance. The digital currency is currently priced at $38,745.
While the Bitcoin price continues to gain strength above $38,000, investors are curious about the next move: Updated BTC price prediction!
Bitcoin Price Strengthens Above $38,000
In the ever-evolving landscape of the digital currency world, Bitcoin is currently trading at an impressive $38,765 on Saturday, with about a 2% increase. As December unfolds, the crypto market reflects optimism as it moves towards Bitcoin’s 19-month high, signaling a strong start for crypto stocks.
In a significant geographical shift, Colombian President Petro is embracing Bitcoin in the midst of the country’s exploratory movements towards adopting cryptocurrencies. Mike Novogratz’s bullish stance on Bitcoin is also fueling excitement, pushing the total crypto market value to a stunning $1.5 trillion.
Investors are now speculating whether $40,000 is the next milestone for Bitcoin’s upward journey, closely monitoring the situation. As the world’s largest cryptocurrency approaches $38,765, nearly its highest level in 19 months, crypto miners and related company stocks have risen, reflecting a lively market sentiment.
The current rise, showing a 1.6% increase during the day, is supported by the expectation of potential approval for a spot exchange-traded fund (ETF), seen as a catalyst for more capital inflow into the digital asset sector.
In particular, Bitcoin miners Riot Platforms, Marathon Digital, and TeraWulf gained between 1.7% and 4%, respectively. J.P. Morgan raised price targets for several mining companies and acknowledged the momentum driven by Bitcoin’s rise.
The expected increase in cryptocurrency prices, as it would boost transaction volumes and revenue, led to a 2.5% increase in Coinbase shares. Caution is advised in the face of potential regulatory challenges and new laws that could impact the industry. However, the founder’s resignation at the largest crypto exchange did not diminish optimism about ETF approval. The overall positive atmosphere provides an explanation for Bitcoin’s recent price increase.
Bitcoin Price Prediction
In the cryptocurrency world, the price movement of Bitcoin on December 1 presents a situation akin to bullish resistance. The digital currency is currently priced at $38,745. This 4-hour chart places Bitcoin just below a significant pivot point of $38,502, navigating between resistance and support layers.
The first resistance is at $38,832, with additional hurdles at $39,259 and a more distant challenge at $39,610. If bullish momentum weakens, the places where Bitcoin could find support are $38,025, followed by additional safety nets like $37,544 and $37,006.
Technical indicators offer a nuanced narrative; the Relative Strength Index (RSI) is currently at 64, indicating neither an overly stretched bullish sentiment nor a retreat to bearish zones. Concurrently, the 50-day Exponential Moving Average (EMA) is observed at $38,777, and Bitcoin’s price movement likely signals a bullish trend in the confirmation stage.
Chart patterns reveal a robust uptrend supported by the proximity of the RSI level and 50 EMA, displaying an ascending channel. The breakout of the rising triangle pattern at $38,400, likely signaling an accumulation phase strengthening a rally, further supports the bullish scenario.
The synthesis of these factors concludes that while Bitcoin is currently in a consolidation phase, it generally maintains a bullish outlook. The market seems ready for testing the short-term resistance at $38,835.
If convincingly surpassed, the path to $39,000 appears increasingly likely; traders and investors are adjusting similarly to the rising possibility of Bitcoin’s ascent as the end of the year approaches.
