Bitcoin sees best monthly close in 19 months as BTC price taps $38K

Market Analysis

Bitcoin (BTC) returned to $38,000 on Dec. 1 after the November monthly close became its best since April 2022.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin bears fail to spark monthly close sell-off

Data from Cointelegraph Markets Pro and TradingView tracked impressive overnight BTC price performance,which held key support.

The close came in at just over $37,700, with bid liquidity preserving the intraday range and avoiding a last-minute sell-off, per order book data from trading resource Material Indicators.

BTC/USDT order book data. Source: Material Indicators/X

“Monthly close looks pretty good closing above $35K,” popular trader Skew reacted on X (formerly Twitter.)

“Could see some multi week compression between $35K – $39K.”

BTC/USD 1-month chart. Source: Skew/X

Skew added that major resistance on monthly timeframes now lay higher — at $47,000 and around the 2021 all-time high of $69,000.

“Monthly candle was excellent with a candle body low of $34.5K, this is important in that the lower candle BODY low was higher then the preceding candle BODY high. This is a sign of strength!” fellow trader and chartist JT continued in part of his own summary.

“And lest we forget we closed $3K higher this month than last month, and thats progress!”

JT described the high-timeframe chart outlook as “consistent and constructive.”

The trip above the $38,000 mark, which came hours after the close, marked Bitcoin’s first noticeable move in the latter half of the week. United States macroeconomic data prints conversely failed to attract much of a response.

Jerome Powell, Chair of the Federal Reserve, was due to speak on the day in what would be the last chance for external volatility to be triggered.

BTC price range has “significant” features

Highlighting the stubborn nature of the current range below $40,000, meanwhile, Material Indicators co-founder Keith Alan argued that clearing it would be highly significant.

Related: Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered

Alan referenced the historical resistance/support (R/S) lines in play within the range, these of similar importance to those already cleared, such as the previous cycle’s 2017 all-time high near $20,000.

“If you think BTC is hovering around an arbitrary price you would be mistaken. There is a significant amount of historical confluence in this little R/S Flip Zone,” he wrote overnight.

An accompanying chart showed the levels to note on the monthly chart, along with long and short signals from one of Material Indicators’ proprietary trading indicators.

BTC/USD 1-month chart. Source: Material Indicators/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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