The Bitcoin ETF token will send BTC price back at $38k
Bitcoin (BTC) has taken a new target at $38,000 by November 23 as “anxious bidding” has dismissed cold feet due to Binance's $4.3 billion fine.
Bitcoin Analysis: “Something Is Brewing”
Data from Cointelegraph Markets Pro and TradingView showed that BTC made a surprising comeback to push above the $37,870 price strength.
A subsequent cooldown took the market closer to $37,500, a sentiment that was different just 24 hours ago.
Then, Binance, concerned about legal action against the biggest exchange in the United States, triggered a long run, which only ended at a one-week low.
#Bitcoin is about to return to the top of the range.
The $38K level remains my primary level of interest. pic.twitter.com/J9ZTWbusu3
— Daan Crypto Trades (@DaanCrypto) November 23, 2023
The pace ended up being equally impressive, and it seemed to catch some market participants by surprise at its strength.
“BTC – some thick buying walls in place Binance market,” popular trader Ninja responded on X (formerly Twitter).
“I haven't seen such a brutal auction in a while. Something's cooking.”
One popular narrative included a possible U.S. trip to the Bitcoin space exchange-traded fund (ETF), which is less than 50 days away.
Events at Binance, as reported by Cointelegraph, may have provided a timely backdrop to the first US approval of the long-awaited institutional investment product.
Grayscale has updated their #Bitcoin ETF app!
Something is definitely going on. pic.twitter.com/WbWcv7iN8a
— Mister Crypto (@misterrcrypto) November 23, 2023
Analyzing the situation, current trader Pentoshi similarly suggests that the stars may align on BTC's price due to demand from ETFs.
Regardless of price action, he said the approval would mean “the start of decades of trade.”
Here is a simple thesis. Game concept
49 days to etf
Many side people
Each passing day = more pressure to schedule as time passes
Dips are possible. But the window is closed
Will it be a local top? Maybe. Will it be the beginning of many decades?
— Pentoshi euroPeng (@Pentosh1) November 22, 2023
Subsequently, Samson Mou, the CEO of Bitcoin adoption organization JAN3, however, recovered the value of $1 million worth of Bitcoin units in the hands of new institutional capital inflows.
“It has come to my attention that there are some Bitcoiners who don't think that Bitcoin can reach $1,000,000 within days of the ETF money pouring in. They are in a state of wonder,” he said.
The RSI “reset” adds to the short-term breakout thesis
Social media analyst Cold Blood is among those who disagree with the Shiller Relative Strength Index (RSI) values.
Related: BTC Price Returns Key Profit Sign for Bitcoin Exchange Users at $34.7K
These have “reset” to weekly lows, he concluded, paving the way for another push higher.
This was not only for Bitcoin, but Ether (ETH) and some other major altcoins.
“The reason this is so important is that often when the RSI is in this position, it is the basis for a new position,” he wrote with partial criticism.
“Strong emerging markets hold this position. A drop into that ‘cold' region indicates that corrections are complete and the trend continues.
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.
