Bitcoin (BTC) is kicking off Thanksgiving week in the United States with a return to $37,000, as the bulls show no signs of letting go. BTC price action remains near 18-month highs with another weekly close, indicating bull market momentum. The largest cryptocurrency is holding onto reclaimed ground, and while the upside has been slower compared to previous weeks, BTC/USD is up 7% month-to-date. The coming days hold the potential for Bitcoin to shape up, with macroeconomic data prints providing the opportunity for some snap volatility. The Bitcoin network fundamentals show a positive outlook, with supply dynamics showing a reluctance among long-term holders to sell. Additionally, Bitcoin dominance remains strong, leading to hopes of a classic crypto bull market being in its early stages. Analysis of these factors and more form part of the weekly rundown of all things moving BTC price action in the coming week. Bitcoin traders maintain BTC price retracement odds, with a considerable supply above price and resistance at $38K while support at $33-34.5K is the one to watch for long entries. Bitcoin has shown modest gains at 7% in November, still its best-performing November month since 2020. U.S. Thanksgiving week is due to be characterized by a cool set of macroeconomic data releases, including jobless claims on November 22 and the release of the Fed meeting minutes. Bitcoin network fundamentals remain robust, with both hash rate and mining difficulty in full bull mode. However, there are warning signs that new hash rate highs traditionally precede a Bitcoin price comedown. Bitcoin’s next automated difficulty readjustment is scheduled for November 25 and is expected to take difficulty only modestly higher. Bitcoin currently accounts for around 52.5% of the total crypto market cap, and Bitcoin price dominance is back. Over 70% of the supply has ignored any gains seen since the 2022 bear market bottom and remains in the same wallets.
70% of BTC dormant for a year — 5 things to know in Bitcoin this week
