Bitcoin (BTC) has broken through a key resistance level after weeks of failed attempts. The price has thus reached a new annual high, which is also the highest level in no less than eighteen months. In this price update you can read everything you need to know about the current market situation.
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Bitcoin price hits $39,000
Bitcoin price has ended the week-long consolidation with $38,000 as the main resistance level. Since the second week of the month, Bitcoin has attempted to force a breakout several times. However, the course was repeatedly rejected.
Last night the price slowly rose to over $38,000. At the end of the morning, the increase suddenly gained momentum, after which the price reached a new high of around $38,800. After a small correction, Bitcoin started a new increase in the late afternoon, this time reaching a high of $39,000. The next major stop for Bitcoin is $40,000, which is also an important psychological level.
#Bitcoin
Give me a big green candle 🔥 pic.twitter.com/A9dbfxLIzl— Trader Tardigrade (@TATrader_Alan) December 1, 2023
At the time of writing, the price of Bitcoin on the Bybit crypto exchange is $38,684. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 35,559. Compared to 24 hours ago, Bitcoin is up 2.57 percent.
If the price undergoes another correction from the current levels, it is important to keep an eye on the level around $38,500.
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Altcoins lag behind, BTC dominance increases
Bitcoin dominance, or the ratio of Bitcoin to the rest of the crypto market, has increased to a current level of 53.31%. The majority of the crypto market is currently performing worse than Bitcoin.
Among the top 10 cryptocurrencies, Ethereum, Solana (SOL), and Cardano (ADA) are poised to rise above Bitcoin. Ethereum is up 2.53%, Solana is up 1.94%, and Cardano is up 2.29% compared to yesterday.
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