Bitcoin Breaks Out Above $40kCrypto bulls were rejoicing through early European trading on Monday as Bitcoin surged back above the $40k mark for the first time since May 2022. Bitcoin futures are trading above the $42k mark, as of writing, marking their highest levels since April last year as optimism continues to grow around anticipated Bitcoin ETF approvals from the SEC. While the SEC was seen delaying the decision on current applications until next month, traders are generally optimistic that approvals will be granted, ushering in a strong new wave of institutional demand for Bitcoin. Softer USD helping BTC RallyOn the whole, Bitcoin is now up around 150% YTD and looks poised for further gains through year end. The shift in the market’s outlook on the Fed and USD is also helping boost prices. With the Fed now seen keeping rates on hold before making initial rate cuts across H1 2024, USD has weakened materially in recent months and as rate-cut expectations grow, looks likely to continue to weaken. A softer USD should help keep Bitcoin supported through increased risk appetite. US Jobs Data DueLooking ahead this week, the focus will be on the latest US jobs data. If we see further weakness in these readings, following on from last month’s downside surprise, this should amplify USD selling and drive BTC further higher from current levels. Technical Views BTCThe rally in BTC has seen the market breaking out above the top of the bull channel and above the 39860 level. Price is now fast approaching a test of the 43015 level with focus on a break of this level and a continuation higher. However, worth noting we are seeing bearish divergence in momentum studies, suggesting some caution should 43015 hold. More By This Author:Gold Market Commentary – Monday, Dec. 4Gold Commentary – Friday, December 1Crude Oil Commentary – Friday, Dec. 1