Bitcoin (BTC) has broken above an important resistance level after weeks of futile attempts. As a result, the price reached a new yearly high, which is also the highest level in at least eighteen months. In this price update, you can read everything you need to know about the latest developments in the market.

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Bitcoin price reaches $39,000

Bitcoin price ended the weeks-long consolidation period at $38,000 as a key resistance level. Bitcoin has tried to force a hack several times since the second week of the month. However, the course was repeatedly rejected.

Last night the price slowly rose to over $38,000. At the end of the morning, the increase suddenly gained momentum, after which the price reached a new peak of around $38,800. After a small correction, Bitcoin began a new advance at the end of the afternoon, this time reaching a peak at $39,000. The next big stop for Bitcoin is $40,000, which is also an important psychological level.

#Bitcoin
Give me a big green candle 🔥 https://t.co/TzUXCwFBYO pic.twitter.com/A9dbfxLIzl

— Slow Growth Trader (@TATrader_Alan) December 1, 2023

At the time of writing, the price of Bitcoin on cryptocurrency exchange Bybit was worth $38,684. On the Dutch cryptocurrency exchange Bitvavo, the price of BTC in euros is 35,559. Compared to what it was 24 hours ago, Bitcoin rose by 2.57 percent.

If the price undergoes further correction from the current level, it is important to monitor the level around $38,500.

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Altcoins are lagging behind, and Bitcoin dominance is on the rise

Bitcoin dominance, or the ratio of Bitcoin to the rest of the cryptocurrency market, has risen to the current level of 53.31%. The majority of the cryptocurrency market is currently performing less well than Bitcoin.

Among the top 10 cryptocurrencies, Ethereum, Solana (SOL), and Cardano (ADA) are close to Bitcoin’s rise. Ethereum price is up 2.53%, Solana is up 1.94% and Cardano is up 2.29% from yesterday.

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