On November 9, the price of Bitcoin (BTC) approached $37,000, and a new round of BTC price surge seemed to surprise traders.
The U.S. ‘carries’ Bitcoin’s rise
Data comes from Cointelegraph Markets Pro and trading view Showing that BTC/USD broke above $36,000 after the daily close.
The pair later reached $36,864 on Bitstamp, marking its highest level since early May 2022.
The previous day, concerns among market participants centered on declining bid liquidity and a possible retest of $34,000.
But that ultimately didn’t happen, with gains seen during the U.S. trading session.
James Van Straten, a research and data analyst at cryptocurrency insights firm CryptoSlate, wrote in his article: “Looking at it, this is the most bullish the U.S. has been on Bitcoin since early 2022. Asian price changes were seen last time The bullish call is in October 2021.” latest research.
Van Straten cited data from on-chain analytics firm glass nodeindicating that U.S. buyers maintained their gains.
“Americans are carrying this thing,” said William Clemente, co-founder of cryptocurrency research firm Reflexivity Add to.
Others have speculated that the new bullish tone could be related to the potential approval of a U.S. Bitcoin spot price exchange-traded fund (ETF).
While a release is not expected until 2024, November 9 marks the beginning of a period in which regulators could theoretically make a long-awaited announcement.
“We continue to believe there is a 90% chance of approval of a Bitcoin ETF spot by January 10,” said James Seyffart, a research analyst at Bloomberg Intelligence. wrote on this topic.
“But if it comes earlier, we’ll be entering a window where there *could* be a wave of approval orders for all current applicants.”
reaction Financial commentator Tedtalksmacro agreed with Seyffart.
His own comments read: “Bitcoin does trade like an ETF and decisions will be made at any time.”
Bitcoin price rises more than expected
Analyzing the market composition, there is a moderate air of shock among long-term observers.
Related: Unusually high – Bitcoin ordinal pushes BTC transaction fees to 5-month high
On-chain monitoring resource Material Indicators showed that the overnight increase invalidated the signals of its two proprietary trading tools – a phenomenon that co-founder Keith Alan said has never been seen before.
Needless to say, the trend-predicting ⬇️ signal on BTC’s weekly chart failed after breaking $36,000. The first time I saw this happen when both algorithms had signals on the same candle. https://t.co/7nGahmgCDW
— Material Indicators (@MI_Algos) November 9, 2023
Popular trader Skew has previously warned of liquidity swings, while he likened BTC’s price action to late January, the moment when Bitcoin’s early-year bull run began to fade.
Bitcoin USD Sweeping $36,000, the 4H candle here is not so good
Zoom out to daily, and this structure starts to look a lot like late January
— Skew Δ (@52kskew) November 8, 2023
tilt Makes sense The low-session uptrend “remains intact” thanks to a series of higher lows on the 15-minute chart and healthy relative strength index (RSI) values.
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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