Bitcoin (BTC) price rose to its highest price this year yesterday but was quickly pulled back. After peaking at $38,470, the price is currently consolidating at a crucial level around $38,000. Everything you need to know about the current state of affairs in the crypto market can be found in this morning update.
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Bitcoin price at crucial levels
After hitting a new yearly high yesterday, Bitcoin slipped below $38,000. Throughout the afternoon, evening and part of the night, Bitcoin traded in a narrow range between $37,600 and $37,900. At around 4:30 a.m. the price jumped to over $38,100. but now it has been completely wiped away.
The $38,000-$38,500 resistance level also thwarted Bitcoin yesterday. Bitcoin repeatedly fails to break through this level. Nevertheless, Bitcoin continues to reach slightly higher lows and highs, maintaining the upward trend.
The market is doing its best to deter anyone trying to position themselves for a possible run-up #Bitcoin ETF approval.
It is just free liquidity for the MMs/Whales.
Sweep highs, trap longs, squeeze out longs, bait shorts, front run lows and repeat the entire process. pic.twitter.com/Om6Sqpcqix
— Daan Crypto Trades (@DaanCrypto) November 29, 2023
At the time of writing, the BTC price on the Bybit crypto exchange is $37,840. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 34,452.
XRP, Cardano valleys, Solana green in a sea of ​​red
If you look at the rest of the crypto market, you can see that many major altcoins are narrowly in the red. Ethereum (ETH) is down 0.78% in the last 24 hours, Ripple (XRP) is down 0.97%, and Cardano (ADA) is down 1.74%.
However, not everything in the top 10 fell. Dogecoin (DOGE) turns cautiously green with a gain of 0.72%. Solana (SOL) is the absolute winner with a gain of 3.96%.
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Bitcoin today: This is what you should pay attention to
Important economic figures from the USA will be published today.
First, the core PCE price index will be released at 2:30 p.m. Unlike the Consumer Price Index (CPI), the PCE Price Index dynamically adjusts to changing consumer behavior patterns. The core aspect means that food and energy prices are excluded. It is also the Federal Reserve’s most popular inflation indicator
An annual increase of 3.5 percent is expected, compared to 3.7 percent in the previous month. Compared to the previous month, an increase of 0.2 percent is expected. Last month the monthly increase was 0.3 percent.
The first applications for unemployment benefits will also be released at 2:30 p.m. This is expected to amount to 220,000. Last week the benchmark was 209,000.
Finally, we will be presented with the preliminary home sales at 4:00 p.m. It is expected to fall by 2.0 percent, while it rose by 1.1 percent last month.
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