Bitcoin Analysis: BTC Record New 2023 High, Heads For an 8% Monthly Close

Bitcoin started November a little slow as price action was very calm. As a result, it traded within a very small channel during the first week. Nonetheless, as the month progressed, volatility started pouring in. This means the apex coin garnered a lot of attention over the last twenty-nine days.

It also made the news several times during this period. However, the thrill of an impending ETF was another important factor that played out. For example, on the 13th, the president of The ETF Store raised optimism about the approval of the widely anticipated BTC EFT. He claimed that the nod might come during that week. Backing up his claim, Nate Geraci referred to an analyst who said the SEC had only a small window to approve.

On the other hand, ARK Invest CEO Cathie Wood said that the reason the SEC is reluctant to approve the BTC ETF could be because of politically fueled bias. She claimed that there is no logical reason for Gary Gensler to continue denial. Wood added that the SEC chair may feel like approval will hinder his personal growth.

Away from the drama of ETF, bitcoin also recorded a good number of whale activities. For example, two days ago, blockchain monitors detected an unknown wallet that has been stacking up the apex coin every day for some time now. Following its last purchase of 500 BTC, the total asset the wallet held was 9,178.

Another whale snagged up over 16,000 bitcoins a few hours ago. Michael Saylor’s Microstrategy made the purchase that amounted to almost $600 million. Following this purchase, the company’s bag of the apex coin is over 174,000 BTCs.

This news are an indication of the notable volatility the asset had. Let’s look at some key milestones it attained.

Bitcoin Set a New 2023

A few days ago, the apex coin enjoyed small increases that saw it break the previous 2023 high. Nonetheless, before this major move, the apex coin had several smaller ones leading up to the most recent milestone.

Recall that at the start of November, an outlook pointed to the apex coin having a significant increase. One of the highlighted resistances was the $36k. The analysis also poked at a possible retest of the $40k barrier. While the first level broke, the second never prediction never happened.

In a bid to test $40,00, bitcoin faced strong rejections around $38k. Hence, the new high of 2023 is $38,457. The derivatives were the main culprit in the consistent rejection. Observers noted that if the largest cryptocurrency breaks out of its current trend, over $1 billion of short positions will get REKT. To prevent this, large players keep selling spots to keep prices within the channel.

Away from the predictions, BTC had its biggest surge of the month on the 15th. During the climb, it retested the $38k barrier for the second time. It opened trading at $35,558 but surged to a high of $37,975. Although it had small corrections, it ended the days with gains exceeding 6%.

November fulfilled the bullish expectation from traders. Bitcoin started the session at 34,667 but may close at $37,700. This means the apex coin gained almost 9%.