Crypto Mania

Can Bitcoin Cross $40,000 in November 2023?

  • Bitcoin bulls aim to break past the $35,030 resistance level.
  • The BTCO ticker has been officially listed on the DTCC website.

Bitcoin, the leading cryptocurrency, delighted the crypto community by wrapping up October with a bullish surge, affectionately nicknamed “Uptober” by enthusiasts.

The community had high expectations for BTC throughout the month, given that historical data shows Bitcoin hasn’t experienced a negative October since at least 2013, with only two exceptions. This year was no different, as, despite a brief bearish spell in the second week, the bulls staged a remarkable comeback. They broke the $30,000 resistance, propelling Bitcoin to $35,000 and reaching an astounding 17-month high.

In October alone, BTC recorded a 23% surge, and the bullish sentiment still appears strong. However, the current Bitcoin price exhibits a touch of volatility, with a minor 0.27% increase, and the trading volume has dipped by 8% over the past 24 hours.

Bitcoin exchange-traded funds (ETFs) have played a significant role in this recent surge and the broader market momentum. Notably, the ticker for Invesco and Galaxy’s spot Bitcoin (BTC) ETF, “BTCO,” has been listed on the Depository Trust and Clearing Corporation’s (DTCC) website, marking progress in their application process.

Meanwhile, the number of transactions on the Bitcoin blockchain involving movements of at least $100,000 worth of BTC reached a year-to-date high of 23,400 last week, as reported by blockchain analytics firm IntoTheBlock.

Will The Bitcoin Bulls Sustain Its Rally?

An analysis of Bitcoin’s recent price movements reveals an overarching bullish trend on the daily chart. The 9-day exponential moving average (EMA) currently stands below the trading price at $33,750. Additionally, the daily relative strength index (RSI) is 79, indicating an overbought condition.

BTC Price Chart, Source: TradingView

From a technical perspective, if the price manages to surpass the recent high of $35,030, it is likely to continue rallying toward the $42,400 resistance level. Conversely, if the price falls below the $33,260 support level, it could move towards the $30,500 support level.

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