Bitcoin (BTC) is back at $37,000 at the start of the US Thanksgiving week as bulls stubbornly refuse to loosen their grip.
BTC price action remains tantalizingly close to 18-month highs as the weekly close offers a fresh taste of bullish momentum.
The largest cryptocurrency continues to hold on to regaining lost ground, with BTC/USD up 7% so far this month, albeit at a slower pace than in previous weeks.
What does the future hold for Bitcoin?
Macroeconomic data provides the opportunity for some sudden moves, while behind the scenes, the outlook for Bitcoin network fundamentals is as positive as it gets in 2023.
Meanwhile, supply dynamics are surprising – for the first time, tokens that have been dormant for a year or more account for more than 70% of the supply, suggesting long-term holders are unwilling to “sell.”
Bitcoin’s dominance also remains strong, raising hopes that the classic cryptocurrency bull run is in its early stages again.
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