BTC price resilience persists into the end of November, with Bitcoin starting the new month by approaching the upper limit of its local range.
Bitcoin (BTC) reclaimed the $38,000 mark on December.
Efforts by Bitcoin bears to trigger a sell-off at the monthly close prove unsuccessful.
Information from Cointelegraph Markets Pro and TradingView observed remarkable overnight performance in BTC prices, maintaining crucial support.
The closing value exceeded $37,700, with bid liquidity safeguarding the intraday range and preventing a last-minute sell-off, according to order book data from the trading resource Material Indicators.
“Closing above $35K for the month looks quite positive,” commented the well-known trader Skew on X (formerly Twitter).
Skew further noted that significant resistance on monthly timeframes has now shifted higher, ranging from $47,000 to around the 2021 all-time high of $69,000.
Fellow trader and chartist JT added to the discussion, stating, “The monthly candle performed exceptionally well, with a candle body low of $34.5K. This is significant, indicating strength as the lower candle body low surpassed the preceding candle body high.”
Bitcoin’s ascent beyond the $38,000 threshold, occurring just hours after the close, represented the first notable movement in the latter part of the week. Conversely, macroeconomic data releases from the United States failed to elicit a significant response.
Jerome Powell, Chair of the Federal Reserve, was scheduled to speak on that day, providing the last opportunity for external volatility to be induced.
The price range of BTC exhibits “noteworthy” characteristics.
Highlighting the persistent nature of the current range below $40,000, Keith Alan, co-founder of Material Indicators, argued that surpassing it would hold immense significance.
Alan pointed to the historical resistance/support (R/S) lines within the range, which carry similar importance to those already surpassed, 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 illustrated the levels to observe on the monthly chart, along with long and short signals from one of Material Indicators’ proprietary trading indicators.