Bitcoin buyer pushes BTC price past $38K as traders demand key breakout

Bitcoin (BTC) bulls kept the pressure on 18-month highs on Nov. 24 as analysis considered purchaser interest spiking.BTC/ USD 1-hour chart. Source: TradingViewBitcoin fights for new 18-month highData from Cointelegraph Markets Pro and TradingView showed the BTC price trajectory heading up into the Wall Street open.The biggest cryptocurrency saw increasing momentum throughout the Asia trading session, this however with its roots on derivatives markets.Following the action, popular trader Skew validated that a single entity was likely behind the current charge on $38,000.” Some buyer most likely single buyer is attempting to press the marketplace greater here ~ clear correlation between spot & & perp CVDs/ Delta,” he composed in part of his newest post on X (previously Twitter.)$ BTC UpdateLooking like theres some instructions buyer again here on binance – theyre bidding spot & & opening a long Shorts on bybit perps continue to get huntedMarket CVDs & & DeltaSome purchaser most likely single buyer is attempting to press the marketplace greater here ~ clear correlation … https://t.co/Hu6FNp1Ltc pic.twitter.com/5KaODZC7Hv— Skew Δ (@ 52kskew) November 24, 2023

Bitcoin (BTC) bulls kept the pressure on 18-month highs on Nov. 24 as analysis considered buyer interest spiking.BTC/ USD 1-hour chart. Source: TradingViewBitcoin battles for brand-new 18-month highData from Cointelegraph Markets Pro and TradingView revealed the BTC price trajectory heading upward into the Wall Street open.The biggest cryptocurrency saw increasing momentum throughout the Asia trading session, this however with its roots on derivatives markets.Following the action, popular trader Skew verified that a single entity was most likely behind the newest charge on $38,000. Skew subsequently exposed the long BTC position had actually been closed, and with momentum flagging, a higher high (HH) was required on lower timeframes– beyond the present $38,000 ceiling.$ BTC Looks like binance long has closed out, so they could have simply engineered liquidity to get some asks filled LTF CVDs So first thing here is CVDs are higher vs cost so theres some momentum behind this relocation however, yet to be seen without another HH Secondly, area … pic.twitter.com/regcjdj2tw— Skew Δ (@ 52kskew) November 24, 2023

Some market individuals think that a fresh BTC cost retracement will go into following an initial venture into the area around $40,000. BTC cost forecasts diverge wildlyAmong them is popular trader Crypto Tony, who, on the day, recommended that even $39,000 could prove a short-term turning point.$ BTC/ $USD – Update My strategy has not altered, pump us to $39,000 – $40,000 then drop please pic.twitter.com/AJkLRmD4U5— Crypto Tony (@CryptoTony__) November 24, 2023

Skew subsequently exposed the long BTC position had actually been closed, and with momentum flagging, a greater high (HH) was needed on lower timeframes– beyond the current $38,000 ceiling. At the time of writing, this remained in progress.$ BTC Looks like binance long has actually liquidated, so they might have just crafted liquidity to get some asks filled LTF CVDs So first thing here is CVDs are greater vs price so theres some momentum behind this move however, yet to be seen without another HH Secondly, spot … pic.twitter.com/regcjdj2tw— Skew Δ (@ 52kskew) November 24, 2023

$39,000, meanwhile, sticks out for a range of reasons, including the aggregate success of those who purchased BTC throughout the 2021 bull market.Elsewhere, encouraging indications from Bitcoins relative strength index (RSI) continued to offer bulls with fuel for more upside.BTC/ USD 1-day chart with RSI. Source: TradingViewThis article does not include investment suggestions or suggestions. Every financial investment and trading relocation involves threat, and readers should conduct their own research study when deciding.

Other Questions People Ask

What impact does the Bitcoin buyer have on BTC price as it pushes past $38K?

The Bitcoin buyer's actions have significantly influenced the BTC price, pushing it past the $38,000 mark. This surge is attributed to a single entity's aggressive purchasing strategy, which has created upward momentum in the market. As traders demand a key breakout, the correlation between spot and perpetual contracts indicates a strong buyer presence, suggesting that further price increases could be on the horizon.

How are traders reacting to the Bitcoin buyer pushing BTC price past $38K?

Traders are closely monitoring the situation as the Bitcoin buyer drives the price past $38,000, with many expressing optimism about a potential breakout. The recent activity has led to increased trading volume and interest in derivatives markets, highlighting a shift in trader sentiment. Some analysts believe that if the momentum continues, BTC could reach new highs, but caution remains as traders await confirmation of sustained upward movement.

What does the analysis say about the Bitcoin buyer and BTC price trends?

Analysis indicates that the Bitcoin buyer's influence is pivotal in the current BTC price trends, particularly as it approaches 18-month highs. The data suggests that this buyer is likely manipulating market conditions to create liquidity and fill orders effectively. Traders are advised to watch for key indicators, such as higher highs on lower timeframes, to gauge whether this upward trend will continue or if a retracement is imminent.

What are the potential price targets for Bitcoin following the buyer's push past $38K?

Following the Bitcoin buyer's push past $38,000, potential price targets include the $39,000 to $40,000 range. Analysts like Crypto Tony have suggested that these levels could serve as critical turning points for BTC. However, traders should remain vigilant for signs of a price retracement after reaching these targets, as market dynamics can shift rapidly based on buyer interest and overall sentiment.

How does the current Bitcoin market sentiment reflect on future price movements?

The current market sentiment surrounding Bitcoin is largely bullish due to the recent push past $38K by a significant buyer. This optimism is supported by indicators such as the relative strength index (RSI), which suggests further upside potential. However, traders are advised to remain cautious and conduct thorough research, as market conditions can change quickly and may lead to unexpected price corrections.