On Friday, November 24, bitcoin’s price rose above $38,000 and hit a fresh year high. In the last 24 hours the asset gained 3.3%, according to CoinGecko.
The price of the first cryptocurrency retraced to below $38,000. At the time of writing, bitcoin was trading just above $37,710.
At the time of writing, digital gold was trading above $38,300.
Following the leader, all of the top-10 assets moved into the green. Over the last 24 hours Ethereum rose 3.4%, climbing above $2,100.
Total market capitalization stood at $1.51 trillion, Bitcoin’s dominance index at 49.6%.
On November 9, amid elevated volumes, bitcoin broke above $37,000 and subsequently reached $37,600. But a few days later the asset receded to around $35,400.
Michaël van de Poppe, founder of MN Trading, noted that the slow grind upward toward the new resistance and a break above $38,000 suggested the next milestone for digital gold would be $40,000.
Still so far, so good on #Bitcoin.
Slowly grinding upwards to a new resistance point and a break above $38K immediately means $40K is next. pic.twitter.com/3ZUkS72I6g
— Michaël van de Poppe (@CryptoMichNL) November 24, 2023
Earlier JPMorgan called the crypto rally “excessive,” capable of reversing sharply after the anticipated approval of the bitcoin-ETF.
Matrixport analysts allowed a breakout above $40,000 by year-end after the U.S. authorities resolved claims against Binance and its former CEO Changpeng Zhao.