Bitcoin is at the Highest in the Last 18 Months, Could It Be Running Towards an ATH?

Bitcoin re-exceeded $38,000 for the first time since May 6, 2022, reaching an 18-month high. Bitcoin, which has risen by approximately 4.6% in the last two days, is also pulling altcoins upward. The most curious question is whether Bitcoin can break the $ 40,000 resistance.

Bitcoin is currently trading at $38,120. According to the weekly chart, Bitcoin has been drawing a green candle for 7 weeks, including this week. Although it struggled to break the $38,500 resistance today, it failed, but the bulls seem very eager, which means it is likely to retest $38,500.

Bitcoin is now trading above $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $38,200 level. The first major resistance is formed near $38,400. The main resistance is now near the $38,500 level. A break of the $38,500 resistance could trigger a strong rise. If Bitcoin can break the $38,500 resistance, the next key resistance seems to be around $39,200 and any further rises could lead BTC towards the $40,000 resistance. If Bitcoin fails to climb above the $38,400 resistance zone, it could start another decline and retreat towards the support near $37,600.

While there are rumors among crypto investors that the rise has come to an end, Bitcoin continues to rise. Investors buy probabilities and predictions, imagine what will happen when it happens. I think the next bull market will be much stronger than before. And I think a new ATH is not far away, who knows, maybe Bitcoin will enter the new year breaking its all-time record.

Additionally, according to coinmarketcap data, the crypto market cap increased by 2.77% and reached $1.44 trillion. Not only Bitcoin but also many altcoins are in an upward trend and follow the rise of Bitcoin. They were among those following Bitcoin most strongly today, with THORChain (RUNE) up nearly 18% and Solana (SOL) up 12% today. When the bull market starts, I think some altcoins can make more profits while Bitcoin is rising, so I follow some altcoins closely.

I think what's coming is coming, are you ready?

This is not investment advice, just my personal opinions. As with all money markets, anything can happen at any time in the crypto market, so please do your own research before investing.

Thank you for reading.
@rtonline

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