"News Updates November 27, 2023"

1. BTC price eyes $40K amid record hash rate — 5 things to know in Bitcoin this week<\/p>\n

Bitcoin on-chain data is pointing to “up only” as BTC price action fights to eke out an uptrend below fierce resistance near $40,000.<\/p>\n

Bitcoin $37,488 starts a new week keeping traders guessing near its highest levels in 18 months — what’s next?<\/p>\n

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BTC price action has held higher after spiking above $38,000 last week, but since then, a testing “micro-range” has left bulls and bears locked in battle.<\/p>\n

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Whether a deeper retracement will come or a trip to $40,000 will leave naysayers behind is now the key short-term question for market participants.<\/p>\n

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Over the next few days, there are various potential catalysts to help effect trend emergence for Bitcoin, while underneath, there are mounting signs that the market is due a boost.<\/p>\n

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Volatility is set to come at the hands of the monthly close later on, but before then, a host of macroeconomic events has the ability to inject some surprise price action.<\/p>\n

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Cointelegraph looks at these issues and more in the weekly rundown of Bitcoin price volatility triggers for the week ahead.<\/p>\n

Monthly close looms with BTC price up less than 10%<\/p>\n

The monthly close forms the key diary date for day traders this week, with Bitcoin at a crossroads.<\/p>\n

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As Cointelegraph reported, untested liquidity levels to the downside and the lure of $40,000 to the upside — surrounded by resistance — make for a stubborn daily trading range.<\/p>\n

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Neither bulls nor bears have been able to dislodge an increasingly narrow corridor for BTC\/USD, and even new higher highs on daily timeframes have been few and short-lived.<\/p>\n

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At the latest weekly close, a timely drop saw bids beginning to be filled, with Bitcoin dropping to lows of $37,100 before recovering, data from Cointelegraph Markets Pro and TradingView shows.<\/p>\n

For popular trader Skew, it is now time for bid momentum to return.<\/p>\n

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“Spot takers led the bounce & eventually perp takers were the forced bid; mostly shorts forced out of the market,” he wrote in part of a dedicated analysis on X (formerly Twitter).<\/p>\n

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“Now as we go into EU session & US session important to see if spot bids or not.”<\/p>\n

Skew likewise referenced blocks of liquidity both above and below the spot price, with $37,000 and $38,000 as the key levels to watch.<\/p>\n

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“Lots of bid liquidity below $37K so if spot takers continue to be net sellers this would be the momentum required to fill those limit bids below,” he wrote about the order book on the largest global exchange, Binance.<\/p>\n

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“As for ask liquidity aka supply, that remains between $38K - $40K area ~ important area for higher.”<\/p>\n

With the monthly close just days away, Bitcoin is currently up 7.8% month-to-date, making November 2023 thoroughly average compared to years gone by.<\/p>\n

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Data from monitoring resource CoinGlass shows that November is normally characterized by much stronger BTC price moves, which can be both up and down.<\/p>\n

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Q4 overall, meanwhile, has so far delivered gains of nearly 40%.<\/p>\n

Key Fed inflation markers lead macro catalysts<\/p>\n

A classic macro week with volatility triggers to match awaits Bitcoin traders as November draws to a close.<\/p>\n

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The United States Federal Reserve will receive some key data on inflation over the coming days, feeding into next month’s decision on interest rate policy.<\/p>\n

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Fed Chair Jerome Powell will speak on Dec. 1, following comments from senior Fed officials throughout the week.<\/p>\n

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The data releases of the most interest to markets will likely be the Q3 gross-domestic product and Personal Consumption Expenditures (PCE) print for October, coming Nov. 29 and Nov. 30, respectively.<\/p>\n

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Previously, U.S. macro data began to show inflation abating more quickly than markets expected, leading to positive reevaluations among risk assets.<\/p>"