Bitcoin Aims at $38K Amid Speculation of US Bitcoin ETF Approval and Bullish Market Signs
Summary:
Bitcoin (BTC) aimed strongly at the $38,000 mark on November 23, showing resilience despite concerns over Binance's $4.3 billion penalty. The market saw substantial buy walls and signs of vigorous investment activity, indicating potential positive developments. Analysts suggested the current climate might lead to the U.S. approval of a Bitcoin ETF, which could surge the BTC price owing to increased demand. With the prospect of institutional capital inflows, some predict a possible increase in BTC's unit price to $1 million. Meanwhile, a reset in relative strength index values for Bitcoin, Ether, and other key altcoins indicates potential for future upward trends.
On November 23, Bitcoin (BTC) boldly aimed at the $38,000 mark as a robust investment activity dispelled apprehensions concerning Binance's hefty $4.3 billion penalty. Information from Cointelegraph Markets Pro and TradingView highlighted BTC price resilience making an impressive bounce back, reaching a high of $37,870. Despite a subsequent slight cooling down, keeping the market close to $37,500, the sentiment was starkly more optimistic compared to the same time the previous day. At that time, potential legal action from the United States against the largest crypto exchange, Binance, had triggered a wave of long liquidations, taking the market to one-week lows.
However, the recovery was equally stunning, leaving some market players surprised with its vigor. A seasoned trader, Ninja, observed significant buying activities on the Binance market, indicating that something might be in the offing. The talks once again veered towards the possibility of the U.S giving the green light to a Bitcoin spot price exchange-traded fund (ETF), which could be less than 50 days from now. The developments at Binance may have set the stage for the debut of the much-awaited U.S approval for this institutional investment product.
Supporting this viewpoint, another trader, Pentoshi, suggested that the circumstances might be favorable for BTC price surge due to demand from the ETF. Regardless of how the price action unfolds, the approval would mark "the commencement of significant multi decades of traditional financial allocations," he noted.
Meanwhile, Samson Mow, CEO of Bitcoin adoption company JAN3, reintroduced the possibility of BTC unit price scaling up to $1 million with the influx of new institutional capital. "There are some Bitcoiners that don't believe Bitcoin can reach $1,000,000 in a few days/weeks once ETF money starts pouring in. They're in for a pleasant surprise," he remarked.
Exploring the potential of a future price increase, social media commentator Cold Blooded Shiller expressed optimism, pointing to the relative strength index (RSI) values. The weekly dip had "reset" these values, laying the groundwork for another upward push. This situation is relevant not just for Bitcoin, but also Ether (ETH) and a few other key altcoins. "This is crucial because it serves as a foundation for new positions when the RSI is at this level. Strong trending markets usually hold this level. Reaching that 'cool off' area indicates corrections are done and trend picks up again," he commented.
Published At
11/23/2023 10:33:56 AM
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