Bitcoin Price Prediction as Whales Poised to Push Price Above $40,000 – Will They Succeed?
As the cryptocurrency world closely watches, Bitcoin stands on the brink of a potential breakthrough, with its current price hovering around $38,150. With a substantial 24-hour trading volume of $19.4 billion, Bitcoin has shown a modest but noteworthy increase of nearly 0.50% in the last day.
Dominating the charts as the top-ranked cryptocurrency on CoinMarketCap, it boasts a formidable market capitalization of $746 billion. With 19,557,587 BTC coins in circulation against a maximum supply of 21,000,000 BTC coins, the stage is set for the so-called ‘whales’ to possibly drive the price above the $40,000 threshold.
The question on everyone’s mind is: Will they succeed?
As the market opens on December 1, Bitcoin‘s current position reflects a market in contemplation. Trading at $38,150, the foremost cryptocurrency registers a slight uptick of 0.50%. This minor gain occurs within a broader context, where Bitcoin, while well off its historic highs, still navigates the complexities of market sentiment and regulatory landscapes. The 2-hour chart reveals an upward trend, with Bitcoin recently breaking through the $38,400 resistance level. The pivot point for the session stands firm at $38,402, indicating a battleground where bulls and bears are testing their strength.
The next layers of resistance are poised at $38,464, $39,090, and a more challenging $39,801, which, if breached, could signal a substantial bullish momentum. On the flip side, immediate support levels are identified at $37,620, with further cushions at $36,950 and $36,399. These levels serve as potential springboards for Bitcoin’s price should it face downward pressure.
The Relative Strength Index (RSI), at a moderate 60.42, leans towards a bullish sentiment but does
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