- The bitcoin price continues to hold above the crucial support level, indicating a strong upswing could be on the horizon
- While the monthly close is fast approaching, no remarkable price action can be expected as the volatility could remain off the shore
In the past few days, the crypto markets have not displayed any notable moves as the star crypto, Bitcoin, has plateaued around $37,000. Although the bulls appear to be in control, the trend has not been flowing under their influence. Besides, the markets are about to end the last phase of the yearly trade, and investors expect some iconic trade during the monthly close. However, the ocean is expected to maintain its silence as a huge wave is close to striking the BTC price very soon.
The most recent price drop has compelled the BTC price to trade around the crossroads. The bears have been dwelling within the space and have utilised their strength at frequent intervals. The current price action suggests a bullish close may materialize after a drop, but the price range may remain unaltered.
The bears appear to have capitulated to the trade at the moment, and hence a continued descending trend can be expected. The BTC price could plunge to test the immediate lower support at around $36,600 just before the monthly close. Further, the price is expected to trigger a rebound that may enable a monthly close around the same levels.
So will it be another fakeout that may trap some bulls above $37,500?
Since the start of the year, Bitcoin has displayed immense strength, recording more than a 125% jump. A $20,000 jump in the price signifies the star crypto is closer to ending the yearly trade on a bullish note. Now, when the prices appear to be stabilizing in a narrow range for a while, whales have become active and are constantly accumulating BTCs.
Source: bitinfocharts
One of the whales in the top 20 has been constantly accumulating BTCs. The most recent drop, which occurred on November 21, compelled the whale to let off 2500 BTC in two transactions of nearly 1200 BTC and 1300 BTC. Since then, the whale has been accumulating BTC in small parts. This suggests the move has been supporting the price to remain above the crucial level of support.
Collectively, the Bitcoin (BTC) price is believed to maintain a healthy upswing, regardless of the prevailing price action, and pierce through the $38,000 barrier in early December.
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