Bitcoin ETF joy returns as BTC price approaches $37,000
Bitcoin (BTC) reached $37,000 on November 9th as a fresh surge in BTC prices caught traders by surprise.
US “carried” Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD crossed $36,000 after the daily close.
The pair reached $36,864 on Bitstamp, the highest level since early May 2022.
A day earlier, concerns among market participants focused on the liquidity of the bid, which would allow for a retest of $34,000.
This ultimately failed to happen, with the U.S. trading hours inverted.
This is the most brutal US has been on Bitcoin since early 2022. Asia's price reversal is finally seen as October 2021,” wrote James Van Straet, research and data analyst at crypto insights firm CryptoSlate, in part. Recent research.
Van Straten cited data from chain analytics firm Glassnode that showed U.S. buyers expected the rally.
“Americans who have borne this,” added William Clemente, co-founder of the crypto research company.
Others speculated that the renewed bullish tone could be linked to the possible approval of a US bitcoin spot exchange-traded fund (ETF).
While not expected until 2024, Nov. 9 marks the beginning of a long-awaited announcement from regulators that could theoretically come.
“We still believe in a 90% chance of January 10 approvals for the spot Bitcoin ETF,” James Seifert, a research analyst at Bloomberg Intelligence, wrote on the subject.
But if it comes early, we are entering a window where there will be a wave of approvals for all current applicants.
Financial analyst Tedtalksmacro agreed in response to Seifert.
“BTC is sure to trade like an ETF at any time,” reads its own commentary section.
BTC price gains beat predictions
Analyzing the market composition, there was an air of mild consternation among long-term observers.
Related: Extreme Highs — Bitcoin Ordinals Send BTC Trading Fees to New 5-Month Peak
On-chain monitoring resource Material Indicators showed overnight gains rejected signals on the two proprietary trading instruments — an unprecedented event, according to co-founder Keith Alan.
Needless to say, the Trend Precognition ⬇️ signals on the BTC weekly chart are worthless after pushing above $36k. This is the first time I've seen it happen when both algos have signals on the same candlestick. https://t.co/7nGahmgCDW
— Material Indicators (@MI_Algos) November 9, 2023
Prominent trader Skew, who has previously warned against liquidity fluctuations, equated BTC's price action to late January – the point at which Bitcoin's early-year bull run faded.
$BTC sweeps $36K and here is a not so good 4H candle
Reduce to daily and this structure looks like the end of January
— Skew Δ (@52kskew) November 8, 2023
Skew explained that the low-term uptrend is “still intact” with healthy relative strength index values for consecutive highs and lows on the 15-minute chart.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
