Bitcoin Eyes $39,000 Threshold as Bulls Exert Strong Pressure
- At the time of writing, Bitcoin is trading at 38,689, up 2.45% in the last 24 hours.
- If the price manages to go past the $39,000 mark then it will likely test the $42,500 level.
Beginning the month of December on a positive note, the price of Bitcoin (BTC) soared beyond $38,500 and is closing in on the $39,000 mark. Once again, Bitcoin showed extraordinary endurance, recovering most of the losses sustained in the catastrophic 2022 market meltdown.
As of late, it has eclipsed $38,500, the previous high from May of last year. Although the year 2023 is drawing to a close, there are cryptocurrency experts that predict that the asset will continue to rise till the end of the year.
Increased Optimism
Santiment reports that the supply of Bitcoin on exchanges has dropped to 5.38 percent. The last time this low was seen was in December 2017. Moreover, there has been an increase in Bitcoin open interest due to the recent price increase. In the last day, open interest has increased by more than 3%.
According to Matrixport’s prediction, Bitcoin’s price would hit $63,140 by April 2024, as stated on December 1. Matrixport maintains that it’s certain that Bitcoin will reach $125,000 by December 2024. Institutional buyers will propel the market into its next bull run.
At the time of writing, Bitcoin is trading at 38,689, up 2.45% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 6.49%. The price found support at 37,550 yesterday and ever since the bulls have been pushing the price towards the $39,000 mark.
If the price manages to go past the $39,000 mark then it will likely test $42,500 resistance level. Contrarily, if the price manages to go below $38,100 mark then it will likely test $37,550 support level.
