Bitcoin cryptocurrency is predicted to grow due to economic events in the US

Cryptocurrency market analysts pointed to the resilience of bitcoin, which on November 29 maintained its momentum at $ 38,000 and even reached an annual high. This happened despite warnings of a possible market correction.

According to Cointelegraph Markets Pro and TradingView, the price trajectory of BTC $98,301.60 Bitcoin 0.79% Market capitalization $1.94 trillion VOL. 24 hours $5.9 billion continues to target new 18-month highs. The enthusiasm surrounding bitcoin derivatives has led to debate about the possibility that large traders are leaving open long positions vulnerable at these high levels.

According to experts, the market is currently awaiting news on December 1, when the US Federal Reserve Chairman Jerome Powell will give a speech. As the Fed chairman, Jerome Powell has an exceptional influence on the dollar and cryptocurrencies. Traders closely follow his speeches, which are an unofficial source of information about the future monetary policy of the United States.

Powell’s statements could potentially serve as an external catalyst for the price of bitcoin, with the possibility of exceeding the $ 40,000 mark, analysts believe. Key US macroeconomic data, including third-quarter GDP and the October personal consumption expenditure index, are expected to play an important role in shaping the Fed’s policy decisions.

As a reminder, on November 29, bitcoin hit an annual high of $ 38,453. On some crypto exchanges, the BTC rate reached $ 38,600. After updating the annual high, the cryptocurrency entered a correction. As for the reasons for the growth of the market flagship, analysts have identified a number of drivers. Among them are expectations of halving, the possible approval of the first ever US spot bitcoin ETF, and the partial resolution of the conflict between US regulators, with the exception of the US Securities and Exchange Commission (SEC), and the largest crypto exchange Binance.