After holding its support levels for the last few days, Bitcoin led a comeback for the price action in crypto with a mini rally.

The uptrend in the crypto market has resumed after slow movements throughout the weekend. Bitcoin led the initial price jump, while several altcoins registered gains. The current price action in crypto could suggest a stronger buildup for an extended rally in 2023. On the other hand, there were no signs of a support retest for BTC, as indicated by experts earlier.

As a result, the crypto market cap has fared positively in November so far. Bitcoin’s resistance is strong at $38,000, while on a brighter note, it hasn’t dipped below its 20-day moving average. The relative strength index of BTC is also in a bullish zone.

If it persists, bulls could have an advantageous position shortly. A range-bound action is possible, but if BTC consolidates above $38,000 soon, it will go towards a higher trading range. Solana, Polygon, Cardano, and ETH also saw positive returns in the last 24 hours. ETH has returned above $2000, while Solana has seen a decrease in selling pressures.

Recent analysis reports have targeted $39,000 for BTC before the halving event in 2024. Other optimistic targets have also been $50,000 before the event. If BTC maintains its trading range above $39,000 by the end of 2023, it could bode well for the crypto market.

BTC/USD 1D price chart

Bitcoin is currently trading at around $37,100 on November 20, 2023, with BTC/USD trading higher by a margin of 1.7% in the last 24 hours. Bitcoin’s market cap is trading above $726 billion.

BTC/USD is trading higher than its 20-day EMA (35,471.46), as BTC’s 24-hour volume was at around $14 billion. The crypto market cap increased by around 2.42%, trading at $1.42 trillion.

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