Bitcoin (BTC) price is finally trading above the $38,500 level after multiple rejections from this zone. At the time of writing, the biggest digital asset by market capitalization stood at $38,604 as bulls overcame a strong supply zone.
However, for bullish continuation, bulls need to push the prices even further, as a pullback from current levels could be detrimental. This positive price action bolstered the outlook on the whole crypto market as many altcoins also showed a significant bounce from the weekly lows.
Today’s surge in BTC price seems to be driven by the news of MicroStrategy adding more Bitcoin to its holdings. On Thursday, Micahel Saylor disclosed that the company had bought another 16,130 BTC, bringing the firm’s total holdings to 174,530.
The falling inflation and the weakening dollar have solidified the uptrend in cryptocurrencies. Consequently, Bitcoin price prediction is looking fairly bullish with many analysts predicting higher price targets.
However, as long as the price trades within the ascending channel marked on the following chart, there will always be a chance for a pullback. Therefore, a breakdown below $38k can be considered an invalidation, if you are long on BTC.
This post was last modified on Dec 01, 2023, 12:20 GMT 12:20