Bitcoin Enters Consolidation Phase Eyeing Significant Breakout

• At the time of writing, Bitcoin is trading at $36,623, up 0.76% in the last 24 hours.
• If the price manages to go past $37,320 then it will likely retest the $38,000 level.

According to Santiment, Bitcoin’s price supremacy has returned—at least for the time being-and it has begun to surpass other cryptocurrencies. After a successful month, most altcoins are facing steep correction.

Santiment also mentioned that Bitcoin’s NVT ratio had significantly improved. This statistic acts as a vital signal for traders. It’s a barometer of the BTC supply’s vitality relative to the market cap.

After trailing Ethereum for three years, Bitcoin has surprisingly taken the lead in daily crypto transaction fees. Bitcoin transaction fees have lately surged to an astonishing $11.63 million, much surpassing Ethereum’s $8.44 million.

Moreover, the halving effect might have a significant positive effect on Bitcoin’s value in the following months, perhaps causing a sharp increase in its price. The Bitcoin halving event in April 2024 is receiving a lot of attention from investors and traders. The extent of this volatility, however, is debatable.

Strong Breakout Likely

At the time of writing, Bitcoin is trading at $36,623, up 0.76% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 46.08%.

The price made a failed attempt to cross over $38,000 on November 16 but faced severe selling pressure and found support at $35,590 level. It has bounced from this support level and has been consolidating, waiting for a strong move in either direction.

If the price manages to go past $37,320 then it will likely retest the $38,000 level. However, if the price manages to go below $35,130 support level, then it will decline all the way till $34,610 support area.