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 eyed buyer interest spiking.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin fights for new 18-month high

Data from Cointelegraph Markets Pro and TradingView showed the BTC price trajectory heading upward into the Wall Street open.

The largest cryptocurrency saw increasing momentum during the Asia trading session, this nonetheless with its roots on derivatives markets.

Following the action, popular trader Skew confirmed that a single entity was likely behind the latest charge on $38,000.

“Some buyer probably single buyer is trying to push the market higher here ~ clear correlation between spot & perp CVDs / Delta,” he wrote in part of his latest post on X (formerly Twitter.)

$BTC Update
Looking like there’s some direction buyer again here on binance – they’re bidding spot & opening a long

Shorts on bybit perps continue to get hunted

Market CVDs & Delta
Some buyer probably single buyer is trying to push the market higher here ~ clear correlation… https://t.co/Hu6FNp1Ltc pic.twitter.com/5KaODZC7Hv

— Skew Δ (@52kskew) November 24, 2023

Skew subsequently revealed the long BTC position had been closed, and with momentum flagging, a higher high (HH) was needed on lower timeframes — beyond the current $38,000 ceiling. At the time of writing, this was in progress.

$BTC
Looks like binance long has closed out, so they could have just engineered liquidity to get some asks filled

LTF CVDs
So first thing here is CVDs are higher vs price so there’s 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

Zooming out, others were still optimistic about resistance levels ultimately falling. For Michaël van de Poppe, founder and CEO of trading firm MN Trading, it was all about the $40,000 mark.

“Still so far, so good on Bitcoin,” he told X subscribers on the day.

“Slowly grinding upwards to a new resistance point and a break above $38K immediately means $40K is next.”

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Fellow popular trader Daan Crypto Trades meanwhile described $38,000 as the line in the sand after which “easy mode” returns to Bitcoin trading. The corresponding level on Ether (ETH), he added, was $2,150.

About turn at $40,000?

Some market participants believe that a fresh BTC price retracement will enter following an initial foray into the area around $40,000.

Related: Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly

Among them is popular trader Crypto Tony, who, on the day, suggested that even $39,000 could prove a short-term turning point.

$BTC / $USD – Update

My plan has not changed, pump us to $39,000 – $40,000 then drop please pic.twitter.com/AJkLRmD4U5

— Crypto Tony (@CryptoTony__) November 24, 2023

$39,000, meanwhile, stands out for a variety of reasons, including the aggregate profitability of those who bought BTC during the 2021 bull market.

Elsewhere, encouraging signs from Bitcoin’s relative strength index (RSI) continued to provide bulls with fuel for further upside.

BTC/USD 1-day chart with RSI. Source: TradingView

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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