- Bitcoin and other cryptocurrencies experienced a decline following the latest leg of a significant rally in digital assets over the past six weeks.
- Bitcoin’s price dropped over 1% in the last 24 hours, falling below $37,700, after attempting to break above $38,000 earlier this week.
- What significantly boosted cryptocurrencies was optimism that U.S. regulators would soon approve the first spot Bitcoin exchange-traded fund (ETF).
Bitcoin struggles to gain strength above $38,000: As November comes to an end, Bitcoin’s price attempts to determine its direction!
Bitcoin Price Unable to Stay Above $38,000
Bitcoin and other cryptocurrencies experienced a decline following the latest leg of a significant rally in digital assets over the past six weeks. While a decisive price level remains an obstacle for Bitcoin, analysts and traders maintain that they are still in a bull market.
Bitcoin’s price dropped over 1% in the last 24 hours, falling below $37,700, after attempting to break above $38,000 earlier this week; this level marks the highest point where cryptocurrencies faced a severe drop 19 months ago. The largest digital asset gained over 33% since mid-October, exiting a several-month period of calm in crypto trading and prompting calls for a new bull market.
FxPro analyst Alex Kuptsikevich stated that the current price movement in Bitcoin shows “another pullback as part of a broader upward trend that started in mid-October but slowed down in the last few weeks.”
What significantly boosted cryptocurrencies was optimism that U.S. regulators would soon approve the first spot Bitcoin exchange-traded fund (ETF); this is expected to bring a new wave of investor interest to digital assets. With Bitcoin in a trend supporting the Dow Jones Industrial Average and S&P 500, driven by an improving macroeconomic environment, influenced by the Federal Reserve’s expectations of several interest rate cuts next year.
Ending November
As November comes to an end, Bitcoin concludes a two-month intense period, and the main obstacle remains in the $38,000 price range. Bitcoin surpassed this level several times in recent weeks, but the atmosphere above $38,000 became uncertain as the prices could not consolidate stably above this point. Kuptsikevich continued:
“This market has proven that it is not ready to accelerate but has not found a reason to go deep. Only a failure below $36,700 confirms that $38,000 is strong horizontal resistance. Without this confirmation, the working scenario remains within an upward range.”
Apart from Bitcoin, the second-largest cryptocurrency, Ether, dropped 1% to $2,030. Smaller tokens or altcoins were more mixed, with Cardano falling 2% while Polygon rose 2%. The situation was the same for meme coins, with Dogecoin rising 2% while Shiba Inu fell 1%.
