Bitcoin (BTC) bypassed a key level as Wall Street opened on Nov. 16, after launching a fresh attack on $38,000 that mimicked BTC price action.
BTC price hits 18-month high
Data comes from Cointelegraph Markets Pro and trading view It shows a rapid improvement for Bitcoin, reversing after a sharp decline earlier in the week.
Therefore, the daily chart shows almost the same pattern as a week ago, with $38,000 remaining firm resistance.
Currently, BTC/USD is trading around $37,400, testing an important area of support that analysts have highlighted as needing to remain in place.
Bitcoin USD 4 hours
Prices in the area of interest nowI think bulls should pray here pic.twitter.com/trnnG1hU0D
— Skew Δ (@52kskew) November 16, 2023
Monitoring the Resource Materials Indicator showed a temporary bullish signal on one of its proprietary trading indicators, which indicated that the current price zone was the difference between further gains and failure.
“Trend predictions suggest that this rally may not be over yet. $40,000 has come into focus, but there is certainly no guarantee that BTC will reach that level this week. To me, a break below $35,375 would invalidate #TradingSignals, 》X part of the comment read.
The initial boost came as U.S. regulators delayed a decision on whether to approve various cryptocurrency exchange-traded funds (ETFs).
November saw a flurry of rumors about a potential watershed moment for Bitcoin, with the country’s first ETF based on Bitcoin’s spot price about to be launched.
While the delay maintains an uncertain status quo, the market has no time to get cold feet – and the bizarre move did not go unnoticed by popular trader Skew and others.
decent game theory
It would make sense to approve spot ETFs first and then do more regulation/approval for hybrid ETFs (futures/spot)
It’s all guesswork until which one gets approved first https://t.co/luQH6AUGRS
— Skew Δ (@52kskew) November 15, 2023
Open interest remains stable amid BTC price recovery
Meanwhile, trader and analyst Daan Crypto Trades, analyzing the market composition, believes that there are now more compelling reasons to sustain price increases.
Related: $48,000 Is Now a ‘Reasonable’ BTC Price Target — DecenTrader’s Filbfilb
This is due to lower open interest (OI) and funding rates compared to peaks over the past week.
“Although prices are similar to last week’s levels, open interest is still significantly lower. Financing rates are also down slightly,” he wrote same day.
“I think we’re on a better, healthier basis now than we were here last week.”
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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