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BTC price eyes $40K amid record hash rate — 5 things to know in Bitcoin this week

eb346a89-57bf-445e-8052-2bcd046bab97.jpg

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.

Bitcoin (BTC) starts a new week keeping traders guessing near its highest levels in 18 months — what’s next?

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.

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.

Coming up over the next few days are various potential catalysts to help effect trend emergence for Bitcoin, while underneath, there are mounting signs that the market is due a boost.

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.

Cointelegraph takes a look at these issues and more in the weekly rundown of Bitcoin price volatility triggers for the week ahead.

Monthly close looms with BTC price up less than 10%

The monthly close forms the key diary date for day traders this week, with Bitcoin at a crossroads.

As Cointelegraph reported, untested liquidity levels to the downside and the lure of $40,000 to the upside — this surrounded by resistance — makes for a stubborn daily trading range.

Neither bulls nor bears have been able to dislodge an increasingly narrow corridor for BTC/USD, and even new higher highs on daily teimframes have been few and short lived.

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.

0791c805-6493-478e-929c-b068d64d71b9.pngBTC/USD 1-hour chart. Source: TradingView

For popular trader Skew, it is now time for bid momentum to return.

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

“Now as we go into EU session & US session important to see if spot bids or not.”

Skew likewise referenced blocks of liquidity both above and below spot price, with $37,000 and $38,000 the key levels to watch.

“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 largest global exchange Binance.

“As for ask liquidity aka supply, that remains between $38K - $40K area ~ important area for higher.”
e3dfa93e-140f-43bb-8a16-1189ce1c9cbb.jpegBitcoin order book data for Binance. Source: Skew/X

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.

Data from monitoring resource CoinGlass shows that November is normally characterized by much stronger BTC price moves, and that these can be both up and down.

Q4 overall, meanwhile, has so far delivered gains of nearly 40%.

764c2123-2247-4818-9809-83a34f5108ac.pngBitcoin monthly returns (screenshot). Source: CoinGlass

Key Fed inflation markers lead macro catalysts

A classic macro week with volatility triggers to match awaits Bitcoin traders as November draws to a close.

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

Fed Chair Jerome Powell will speak on Dec. 1, following comments from senior Fed officials throughout the week.

The data releases of the most interest to markets will likely be Q3 GDP and Personal Consumption Expenditures (PCE) print for October, coming Nov. 29 and Nov. 30, respectively.

Previously, U.S. macro data began to show inflation abating more quickly than markets expected, leading to positive reevaluations among risk assets.

Key Events This Week:

1. New Home Sales data - Monday

2. Consumer Confidence data - Tuesday

3. Q3 GDP data - Wednesday

4. PCE Inflation data - Thursday

5. Fed Chair Powell Speaks - Friday

6. Total of 10 Fed speaker events

We are two weeks out from the December Fed meeting.

— The Kobeissi Letter (@KobeissiLetter) November 26, 2023

“Full trading week ahead and volatility is here to stay,” financial commentary resource The Kobeissi Letter summarized on X.

Data from CME Group’s FedWatch Tool currently puts the odds of the Fed holding rates at current levels at an almost unanimous 99.5%.

ec2e8309-c93e-4660-a2d3-167d1323e54c.pngFed target rate probabilities chart. Source: CME Group

GBTC eyes BTC price parity

While Bitcoin is still waiting for U.S. regulators to greenlight the country’s first spot price exchange-traded fund (ETF), markets show that the mood continues to palpably change for the better.

Nowhere is this more apparent than in the largest Bitcoin instuttional investment vehicle, the Grayscale Bitcoin Trust (GBTC).

Itself due to be converted to a spot ETF, GBTC is fast approaching parity with its underlying asset pair, BTC/USD.

Once nearly 50% lower, the GBTC share price had a mere 8% discount to net asset value, or NAV, as of Nov. 24, per CoinGlass data.

9751335f-6eaa-46b0-a1da-c131ed424b39.pngGBTC premium vs. asset holdings vs. BTC/USD chart (screenshot). Source: CoinGlass

The fund’s renaissance has formed a key narrative over both a successful ETF go-ahead to come and the emergence of genuine mass institutional interest in Bitcoin for the first time.

“Looks like the mkt is really expecting this ETF approval soon,” William Clemente, co-founder of crypto research firm Reflexivity, reacted to the data at the weekend.

In terms of the watershed moment hitting, however, dates of note now all come after the new year.

In its latest market update sent to Telegram channel subscribers, trading firm QCP Capital argued that Jan. 3, 2024 would be a timely approval date, this coinciding with the 15th anniversary of the Bitcoin genesis block.

Thereafter, Jan. 10 marks an interim deadline for the first spot ETF in line, that of ARK Invest, as “the final deadline for ARK's application is included in the first approval batch.”

“And in the case ARK is rejected and the rest postponed yet again, the true make-or-break deadline is 15 March 2024 — where Blackrock and the main bunch of candidates face their own final deadline,” it added.

Bitcoin hash rate passes 500 exahash watershed

In advance of the upcoming block subsidy halving in April 2024, Bitcoin miners are deploying record processing power to the network.

Hash rate — the estimated measure of this deployment — is now at its highest levels ever, and this month passed 500 exahashes per second (EH/s) for the first time.

8b393548-43ea-48ee-b59f-4f37a1652ade.pngBitcoin hash rate raw data (screenshot). Source: MiningPoolStats

The achievement not only represents a psychological landmark, but underscores miners’ conviction to future profitability — even when BTC price performance still remains 50% below its own peak.

At the same time, outflows from known miner wallets to exchanges are at their lowest levels in seven years, per data from on-chain analytics platform CryptoQuant.

“The flow of movement from Bitcoin miner wallets to exchange wallets ultimately represents the activity of these entities in the open market,” contributing analyst Caue Oliveira wrote in one of its Quicktake market updates.

“The entry of coins into exchanges increases the liquidity of BTC on these platforms, providing additional selling pressure in the market.”
76539bc6-6ef1-4082-82a8-e161bc4f9478.pngBitcoin miner exchange flows chart. Source: CryptoQuant

Oliveira noted that miners are always selling some portion of their holdings, but the current 90 BTC monthly average is the lowest since 2017.

Bitcoin exchange balances resume downtrend

After a month of turmoil caused by withdrawal shut-offs and legal action against some of the biggest crypto exchanges, BTC balances are trending down once again.

Related: Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly

In line with the broader trend in place for five years, exchanges’ stocks of BTC are drifting ever lower.

According to the latest data from on-chain analytics firm Glassnode, the combined holdings of the major exchanges totaled 2.332 million BTC as of Nov. 26.

With the exception of recent lows in October, this is the smallest amount of available BTC since April 2018. At its peak in March 2020, just after the COVID-19 cross-market crash, the tally stood at 3.321 million BTC.

d4434734-3be4-44b9-9312-6dad74da0fe8.pngBitcoin exchange balance chart. Source: Glassnode

The picture was complicated in November thanks to traders’ reactions to Binance receiving a record $4.3 billion U.S. fine, along with Poloniex and HTX halting withdrawals altogether after a hack.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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