Bitcoin Starts December Strong with $38,000 Surge, Defying November’s Monthly Close

Bitcoin Starts December Strong with $38,000 Surge, Defying November’s Monthly Close

Crypto News – As November came to a close, Bitcoin showcased its strength, setting the stage for an impressive start to December by surging back to the $38,000 mark, a level not seen since April 2022.

Despite the efforts of Bitcoin bears, the cryptocurrency managed to avoid a monthly close sell-off, with data from Cointelegraph Markets Pro and TradingView highlighting robust overnight performance that held crucial support levels.

The monthly close settled at slightly over $37,700, with substantial bid liquidity maintaining the intraday range, preventing a last-minute downturn, as indicated by order book data from the trading resource Material Indicators.

Prominent trader Skew, previously known as X on Twitter, expressed optimism, stating, “The monthly close looks pretty good, closing above $35K. We could potentially witness several weeks of consolidation within the $35K – $39K range.”

Skew also pointed out that significant resistance levels on monthly timeframes now exist higher up, at $47,000 and around the 2021 all-time high of $69,000.

Another trader and chart analyst, JT, provided additional insights, saying, “The monthly candle was excellent, with a candle body low of $34.5K. This is particularly noteworthy because the lower candle body low was higher than the preceding candle body high, indicating strength. It’s worth noting that we closed $3,000 higher this month compared to the previous month, reflecting progress.”

JT characterized the outlook on high-timeframe charts as “consistent and constructive.”

The move above the $38,000 mark, which occurred shortly after the monthly close, marked Bitcoin’s first notable upward movement in the latter part of the week. Interestingly, macroeconomic data releases from the United States failed to trigger a significant response.

Investors also awaited comments from Jerome Powell, Chair of the Federal Reserve, as it presented one last opportunity for external factors to induce volatility in the market.

Notably, Keith Alan, co-founder of Material Indicators, emphasized the persistent nature of the current price range below $40,000 and its potential significance when breached.

He referenced historical resistance/support (R/S) lines within this range, noting their importance similar to those successfully surpassed, including the 2017 all-time high near $20,000.

In conclusion, Keith Alan emphasized, “If you believe that Bitcoin is merely hovering around an arbitrary price, you would be mistaken. There is a significant historical confluence within this R/S Flip Zone.”

Accompanying charts illustrated the key levels to watch on the monthly chart, along with long and short signals generated by one of Material Indicators’ proprietary trading indicators.