Bitcoin Bulls Eye $40K Towards New Year's

Bitcoin (BTC) neared the $39,000 mark on November 27th as bulls continue to exert buying pressure into the world's most popular cryptocurrency.

Some contended that the largest cryptocurrency showed promising signs for upside continuation after hitting new 18-month highs in recent days.

Among them was well-known analyst and trader Credible Crypto, who watched for buyers to absorb any volume of sales close to the regional highs.

The stage may be set for the next move higher if spot demand remains robust and open interest (OI) on derivatives markets stays low.

Part of a post on X (formerly Twitter) read, "Overall, I think that dips here may be even more shallow than originally anticipated due to the lack of OI to induce liq flushes and the clear spot demand we are seeing at these levels."

“We have some potential liquidations above 38k and some below 37.5k, but the amount of open positions here is relatively low — so not expecting huge volatility in either direction until our breakout unless spot flows shift dramatically.”

Sources:

https://cointelegraph.com/news/bitcoin-bulls-hold-weekly-close-btc-price-39-3-k

https://twitter.com/CredibleCrypto/status/1728498912829362567