This week, the broader crypto market was generally bullish, but some crypto assets, including Bitcoin (BTC), Solana (SOL) and THORChain (RUNE), took the limelight, each hitting new yearly peaks amid remarkable gains.

Bitcoin (BTC)

This week, Bitcoin made a notable attempt to reclaim the $38,000 for the first time since May 2022. Bitcoin’s uptrend saw it surge 8.2% to a new yearly high of $37,972 on Nov. 9 before witnessing opposition. A lack of bullish updates on the anticipated ETF approval has contributed to recent sluggishness.

The $37,972 price represented Bitcoin’s closest value to $38,000 since it collapsed below the price territory in the wake of the Terra implosion last May. On its way to register another bullish weekly close, this would mark Bitcoin’s fourth weekly gain, with a 32.94% increase within this time frame.

Despite the general bullishness, BTC has faced stern opposition this week, with a modest intraday loss of 0.46% yesterday. The bears have persistently pushed to bring the asset below $37,000, but the bulls have mounted a solid defense, hedging against substantial declines and maintaining the uptrend.

Amid the upward trajectory, BTC comfortably sits above the 50-day MA ($30,331) and the 200-day MA ($28,604), demonstrating bullish momentum in the short and long terms. Its journey to reach $38,000 features notable resistance points, one of which sits at $37,610 on the Fib. 4.236 level. Bitcoin currently trades for $37,112.

Solana (SOL)

Solana had a pleasant surprise for market participants this week, with a series of impressive spikes recorded from Nov. 9 to 10. B

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Author: Wahid Pessarlay

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