"Go up then come back down, it's really hard to break that level."
The price of the cryptocurrency king Bitcoin (BTC) once again managed to touch $37,764 influenced by the news that Javier Milei who is a pro-BTC candidate is reported to have won Argentina's most awaited presidential election.
Admittedly BTC-supporting Milei has called it a return of money to the private sector, but he still has no intention of making the digital asset legal in Argentina.
Even so, the entire crypto market this week is likely to show significant movement as there are several important events and announcements that can push the price up or down.
According to Simon Peters, eToro market analyst said the minutes of the Federal Open Market Committee (FOMC) meeting scheduled for tomorrow can give a clearer picture of the further actions that the Federal Reserve (Fed) will take.
Peters also warned that low liquidity may occur towards the end of the week due to the financial markets of the United States (US) being closed on Thursday in conjunction with Thanksgiving and Black Friday.
Such a thin trading volume risks leaving the crypto market in a state of uncertainty.
Although traders expect the Fed to cut interest rates in the coming months, such a move could only happen if financial markets face adverse effects, commented FxPro analyst Alex Kuptsikevich.
As of this writing, BTC price has jumped by 0.25% to $37,388 in the last 24 hours with a market cap of $731 billion and is up 2.91% over the last week.
