So far this month, Bitcoin and Ethereum are up between 7% and 12%.
Cryptocurrencies begin the last week of November far from $38,000, annual highs. He Bitcoin falls almost 2% in the last 24 hours to $36,800, while Ethereum falls 3.26% to $2,000. So far this month, both are up between 7% and 12% respectively.
Despite this moderation at the beginning of the week, the truth is that the cryptos seem willing to end the eleventh month of an undoubtedly positive year for the digital assets, at least as far as its price is concerned. And it is that he bitcoin managed to climb above US$38,000 in the closing stages of last week, marking a new high annually at US$38,415.34 and exceeding the barrier of US$38,000 for the first time since May 2022.
There really haven’t been any big changes in the market that justify this notable rebound, since optimism over the possible approval of the exchange traded funds (ETF) continues to be the main narrative that has been moving the market higher of late. The passing of the days only shows the confidence that investors they have in that Securities and Exchange Commission (SEC, for its acronym in English) give in and allow the marketing of these investment products in the first half of next January.
Experts believe that these investment products will not only attract more retail investors, but also to investors of a institutional profile who cannot get involved in this market due to its ‘compliance’ rules.
Can Bitcoin continue to rise?
Ksiss experts predict that the bitcoin could continue to rise and reach $40,000 this weekend, while pointing out that “when (the ETFs) are approved, BTC volatility will be significant during these periods, which will create additional risks for investors, but also opportunities for those who referee.
Javier Molina, senior market analyst at eToro, highlighted that, technically, bitcoin has a key resistance in the psychological barrier of US$38,000 “that should be overcome before starting the path towards US$41,500.” “At the moment prices are consolidating that reference, which is a natural shape and great strength, indicating the asset’s low propensity to try to visit very distant support zones,” he added.
“The US$35,000 represents the first support that, if lost, the US$33,500 has the next level of control not to lose to continue thinking about him bullish development“says Molina.
The rest of the market operates with drops of up to 5% led by Solana and Ripple (-4%).
Source: Ambito
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