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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

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    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

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    What’s the Difference & Which Is Better to Trade?

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Home Altcoins

Bitcoin Price Rockets Past $38,000, Highest Peak Since May 2022

November 25, 2023
in Altcoins
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Bitcoin Price Rockets Past $38,000, Highest Peak Since May 2022
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In a dramatic twist, a mere 48 hours after the United States laid out a hefty $4.3 billion settlement proposal with the major player in the crypto market, Binance, Bitcoin price defied expectations by catapulting to a new peak for the year.

Breaking the $38,000 barrier in the early stages of the New York trading session on Friday, the cryptocurrency sector, witnessed the long-anticipated surge. Bitcoin’s recent consolidation within a pennant pattern had hinted at the prospect of a bullish upswing, and it seems those predictions have materialized.

Bitcoin Price Hits Highest Peak Since 2022

Bitcoin’s rally also occurred following the Thanksgiving holiday in the US, marking its highest point since May 2022. This surge took place in the face of subdued activity in conventional markets. Although the top coin has experienced a slight pullback, it still holds a 1.5% gain for the day.

Traders are incredibly excited by Friday’s surge in Bitcoin’s price, which has rekindled the fear of missing out (FOMO) feeling. Because of this spike, Bitcoin may be able to reach the next major resistance level, which is located at about $42,000, in the next few weeks.

Still so far, so good on #Bitcoin.

Slowly grinding upwards to a new resistance point and a break above $38K immediately means $40K is next. pic.twitter.com/3ZUkS72I6g

— Michaël van de Poppe (@CryptoMichNL) November 24, 2023

Some market watchers are optimistic about its short-term trajectory, with trader Michael Van Pope suggesting in a tweet that the next milestone for Bitcoin is set at $40,000.

See also  Hashrate Approaches Record High as Bitcoin Price Drives Mining Gains

The US Department of Justice and Binance reached an agreement, which is undoubtedly the most significant development of the month. Changpeng Zhao was forced to resign as the CEO of the company, and the exchange was forced to pay a punishment totaling around $4.3 billion. Binance, the biggest cryptocurrency exchange in the world, has named Richard Teng as its new CEO.

Bitcoin poised to reclaim the $38K territory today. Chart: TradingView.com

Bitcoin Circulating Supply In Profit Region

A recent uptick in market liquidations is another important component impacting the Bitcoin price. Long and short position liquidations have increased significantly across different time frames, with a total of $80.29 million in liquidations in the last 24 hours, according to statistics from Coinglass.

Source: Coinglass

In a related development, during last week’s gain, the proportion of Bitcoin’s circulating supply that is currently in profit hit 84%, or 16.36 million BTC. Additionally, Glassnode noted that this is historically noteworthy because it is significantly higher than the 74% all-time mean number.

With #Bitcoin trading at yearly highs above $37k last week, over 83% of the coin supply was driven back into profitable territory.

However, the magnitude of unrealized profit remains modest, and is not yet sufficient for long-term investors to divest.https://t.co/IGJpglF20J

— glassnode (@glassnode) November 22, 2023

Meanwhile, further fueling the positive outlook is the heightened expectation surrounding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission. With a looming deadline of January 10, the SEC is tasked with evaluating numerous pending applications for these ETFs.

See also  Coinbase CEO refutes claims of selling ‘paper Bitcoin’ to BlackRock

If given the green light, these ETFs are poised to provide investors with a more cost-effective avenue to tap into the Bitcoin market, adding another layer of optimism to the current bullish sentiment.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

Tags: BitcoinHighestPeakPriceRockets

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