Bitcoin (BTC) set a new target of $38,000 on Nov. 23 as “aggressive bidding” erased cold feet from Binance’s $4.3 billion fine.
Bitcoin Analysis: “Something’s Cooking”
Data comes from Cointelegraph Markets Pro and trading view It shows that BTC price rebounded strongly, reaching a maximum of $37,870.
The ensuing cooling has kept the market near $37,500, with market sentiment clearly different from 24 hours ago.
Concerns about U.S. legal action against Binance, the largest exchange, then triggered a long series of liquidations that ended only at one-week lows.
#bitcoin Almost back to the top of the range.
The $38K level remains the level of primary interest to me. pic.twitter.com/J9ZTWbusu3
— Daan Crypto Trades (@DaanCrypto) November 23, 2023
However, the rebound ended up being just as impressive, and its intensity seemed to surprise some market participants.
“BTC – There are some thick buy walls in the spot currency market,” popular trader Ninja reacted on X (formerly Twitter).
“I haven’t seen such aggressive bidding in a while. Something is cooking.”
A popular theory once again involves the possible approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States, which may be less than 50 days away.
According to Cointelegraph, events at Binance may provide timely context for the first U.S. approval of this long-awaited institutional investment product.
Grayscale updated their #bitcoin ETF application!
Something must have happened. pic.twitter.com/WbWcv7iN8a
— Mr. Cryptocurrency (@misterrcrypto) November 23, 2023
Analyzing the situation, fellow trader Pentoshi also said that stars may be preparing for a rise in BTC prices due to demand triggered by ETFs.
He added that regardless of price trends, approval would mean “the material start of decades of trade allocations.”
This is a simple paper.game theory
There are 49 days left until etf
many marginalized people
Each passing day = more pressure to allocate over time
May drop.but the windows are closing
Will he become the top local player? perhaps. Could this be the beginning of decades?
— Pentoshi euroPeng (@Pentosh1) November 22, 2023
Despite this, Samson Mow, CEO of Bitcoin adoption company JAN3, brought back $1 million in Bitcoin unit prices through new institutional capital inflows.
“I’ve noticed that some Bitcoin holders don’t think Bitcoin will hit $1,000,000 in a few days/weeks after ETF funds start flowing in. They will be pleasantly surprised,” he explain.
RSI ‘reset’ boosts short-term bullish thesis
Social media commentator Cold Blooded Shiller is among those who are bullish on the relative strength index (RSI) with an eye on the prospect of upside returns.
Related: BTC Price Drives Critical $34,700 Profits for Bitcoin Exchange Users
He concluded that these had been “reset” by hitting weekly lows, paving the way for another move higher.
This is not only true for Bitcoin, but also for Ethereum (ETH) and some other major altcoins.
“The reason this is so important is because usually when the RSI is in this position, it’s the basis for a new position,” he said. wrote In part of the accompanying commentary.
“Strong trending markets tend to maintain this level. A drop into ‘calm’ territory indicates that the correction is complete and the trend has resumed.”
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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