Bitcoin Bulls Refuse to Let Go: Thanksgiving Week Starts Strong

70% of BTC Dormant for a Year 5 Things to Know in the World of Bitcoin This Week

70% of BTC dormant for a year—key Bitcoin insights

“The turkey might be roasted, but the bulls aren’t budging!” Bitcoin (BTC) kicks off Thanksgiving week in the United States with a strong return to $37,000, flexing its muscles against any potential bears. BTC price action is tantalizingly close to its 18-month highs, teasing investors with the promise of a sustained bull market. It seems the largest cryptocurrency is holding its ground, with a 7% month-to-date increase. But what can we expect in the coming days?

BTC Price Retracement: Bulls Maintain Their Grip

Bitcoin traders are tenaciously maintaining the odds of a price retracement. Although BTC briefly reached $37,500, it failed to hold that level due to considerable supply pressure. Popular trader Skew notes that cracking through this supply wall will require persistent demand for spot BTC. It’s a tug-of-war between bulls and bears, with Bitcoin making a range construction between $38K resistance and $33-34.5K support. A slight dip below $36K may be on the cards before the next run-up. So hold on tight, folks!

Thanksgiving Macro Week: Jobs and Fed Minutes Take the Spotlight

As U.S. investors enjoy their Thanksgiving festivities, the market will be entertained with a series of macroeconomic data releases. Jobless claims on November 22 will be closely watched, as previous surprises in unemployment figures have injected short-term momentum into Bitcoin in the past. The market is currently in “wait and see mode” following last week’s data showing cooling U.S. inflation. All eyes are now on the Federal Reserve’s next decision on interest rate changes, with analysts predicting rates to remain unchanged. The release of the Fed’s meeting minutes will shed further light on their monetary policy outlook.

Bitcoin Mining Boom Raises Concerns

Bitcoin’s network fundamentals are at their peak, with hash rate and mining difficulty soaring. But this mining boom comes with a word of caution. Market analysis suggests that historical patterns indicate a BTC price pullback after reaching new hash rate highs. The current situation is no exception, as there have been indications of an impending BTC price comedy. However, the Bitcoin difficulty readjustment scheduled for November 25 is expected to have only a modest impact on difficulty, thereby maintaining the bullish trend.

• The Wild Ride of Crypto ETPs: Surpassing All Expectations
• Exploring the future of DePIN Unveiling value, innovation, and market potential
• LD Capital Macro Weekly Report Inflation Decline Ignites Another Round of Buying, Deflation Concept Strikes

Dominance Fuels Hopes of a Classic Bull Market

Bitcoin’s market dominance continues to surge, evoking the early stages of the crypto bull market. Bitcoin’s dominance currently stands at around 52.5%, signaling its strength against altcoins. Altcoins have experienced a mild retracement after a rapid rally, but this could change quickly if market sentiments turn sour. As the saying goes, “First comes Bitcoin, then come the rest.” The weaker the ETH/BTC ratio, the stronger Bitcoin remains. So let’s keep an eye on Bitcoin’s dominance as it sets the tone for the entire crypto market.

Dormant Supply Hits New Record

Hodlers, rejoice! Bitcoin’s long-term holders are determined to hold onto their coins, defying immediate price action. Over 70% of Bitcoin’s supply has remained dormant for at least a year, even as BTC gained over 139% in the past year. This unwavering conviction of long-term holders shows their unwavering belief in Bitcoin’s future. With this kind of commitment, it’s no wonder Bitcoin keeps surging.

So, buckle up, crypto investors! Thanksgiving week is poised to be an exciting one in the world of Bitcoin. Will the bulls maintain their grip? Will the jobless claims data inject momentum into the market? And will Bitcoin’s dominance continue to fuel hopes of a classic bull market? Stay tuned, and let’s make this Thanksgiving a crypto feast!

🦃 If you think Bitcoin’s bull market is a turkey worth roasting, drop us a tweet and share your crypto wishes this Thanksgiving! 🍗🚀 [Insert Twitter share button]

We will continue to update Blocking; if you have any questions or suggestions, please contact us!