Bitcoin Enters Consolidation Phase Eyeing to Break Over $38,000

• At the time of writing, Bitcoin is trading at $37,356, up 0.56% in the last 24 hours.
• The price has been in the state of consolidation closing in on the $38,000 resistance level.

Although Bitcoin has been relatively stable over the last 24 hours, prominent altcoins have lost some of the ground they made during early November surges. According to Whale Alert’s data, many whales have recently transferred significant amount of Bitcoin to exchanges. 

Earlier today, a “whale” moved 2,707 BTC tokens, valued at $101,620,813, from an anonymous wallet to Coinbase. A second whale deposited 2,712 BTC worth $101,661,213 from an anonymous wallet to Coinbase a few hours later. One hour later, another unknown wallet sent $24,294,303 in BTC tokens to Binance.

Analysts at Glassnode argue that although Bitcoin’s profit volume has increased to levels not seen before 2021, this is still far from enough to entice long-term investors. Bitcoin may be striving hard to break recent resistance levels, but experts at Glassnode stated that the size of the unrealized profit held is very small, and it has not yet been enough to encourage long-term investors to lock in gains.

Bulls Striving Hard

At the time of writing, Bitcoin is trading at $37,356, up 0.56% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 32.23%. The price has been in the state of consolidation, closing in on the $38,000 resistance level.

Even after multiple attempts, Bitcoin has been unable to break above the $38,000 level. Despite several catalysts in recent weeks bulls have failed to push the price above this level.

If the price manages to cross the $38,000 level, then it will start a fresh rally towards the $40,300 mark. However, if the bears drive the price below the $37,075 mark then it will likely test $36,440 support level.