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In a surprising turn of events, Bitcoin has defied expectations by reaching a new peak for the year, breaking the $38,000 barrier. This surge comes after a period of consolidation within a pennant pattern, indicating a potential bullish upswing. Despite a slight pullback, Bitcoin still holds a 1.5% gain for the day. Traders are excited about this surge, with some predicting that Bitcoin may reach the next major resistance level of $42,000 in the coming weeks. The recent rally in Bitcoin’s price coincided with the Thanksgiving holiday in the US and marks its highest point since May 2022. Market watchers are optimistic about its short-term trajectory, with some suggesting that the next milestone for Bitcoin is set at $40,000. Another factor impacting Bitcoin’s price is an increase in market liquidations, with long and short position liquidations totaling $80.29 million in the last 24 hours. Additionally, the proportion of Bitcoin’s circulating supply currently in profit has reached 84%, significantly higher than the all-time mean number of 74%. The positive outlook for Bitcoin is further fueled by the potential approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission. If approved, these ETFs could provide investors with a more cost-effective way to invest in Bitcoin.