After a sideways weekend, the Bitcoin (BTC) price is finally moving again. Bitcoin has been slowly rising since last night and even attempted to break through an important level. Additionally, Bitcoin fanatics had reason to rejoice last night when Argentina’s new president was announced. Everything is covered in this morning update, so you can start your day fully informed.
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Bitcoin price tests $37,500
First, let’s focus on the Bitcoin price. Over the weekend, it hovered in a tight range just above its support level around $36,400. Yesterday evening, the price suddenly climbed to the strong resistance level of $37,500. However, there didn’t seem to be enough force behind the breakout as Bitcoin was rejected at this level.
After a small correction, the price is still above $37,000. Should the price continue to decline, it is important to keep an eye on the $36,400 support level mentioned above. If this level falls below, there is a risk of a further decline towards $36,000. If the price rises above $37,500, we could be in line for a new yearly high above $38,000.
The #Bitcoin The level I’m looking at today is 36.8k.
If $BTC I can keep going and grinding all day long and I think we’ll see another increase in peaks.
If you lose it, I think it’s lower #BTC Channel edge and most likely the larger correction will continue.
Set notifications and go to the gym! pic.twitter.com/N1ljV2hh7A
– AlphaBTC (@mark_cullen) November 20, 2023
At the time of writing, the BTC price on the Bybit crypto exchange is $37,155. On the Dutch crypto exchange Bitvavo, the BTC price in euros is 34,060. Compared to yesterday, Bitcoin is up 1.45 percent.
Altcoin Market: Chainlink and Avalanche outperform
Most coins in the top 15 cryptocurrencies, such as Bitcoin, are trading slightly higher than they were 24 hours ago. Chainlink (LINK) and Avalanche (AVAX) are the biggest gainers today with 5.29 and 4.57 percent, respectively. Other major altcoins that have outperformed Bitcoin include Ethereum (ETH), XRP, Cardano (ADA), and Dogecoin (DOGE). Ethereum rose 2.10 percent while XRP gained 1.66 percent. Cardano followed with a gain of 2.61 percent and Dogecoin rose by 2.35 percent.
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Bitcoin this week: What to watch out for
There are several important data points on the agenda this week.
First of all, we will receive the minutes of the last committee meeting tomorrow Federal Free Market Committee (FOMC), the policymaking body within the Federal Reserve that makes decisions about monetary policy.
On Wednesday, all eyes will be on the weekly initial jobless claims in the US. Finally, on Friday we will be presented with the American Services Purchasing Managers’ Index (PMI), a key economic indicator that measures activity in the services sector.
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Crypto News: New Bitcoin-Friendly President in Argentina
With almost 99 percent of the votes counted, the ultra-liberal newcomer Javier Milei emerged as the winner. Milei won more than 55 percent of the vote and a lead of almost 3 million votes over Sergio Massa, who emerged victorious in the first round of voting.
Milei is strongly against the central bank and wants to introduce the US dollar as the national currency. He is also a big fan of Bitcoin and sees the decentralized currency as a possible answer to central banks.