Bitcoin Soars to Near $37,000 in Unexpected Uptrend, U.S. Bitcoin ETF Approval Anticipated
Summary:
Bitcoin (BTC) nears $37,000, marking its highest level since early May 2022, surprising traders with a sudden price upswing. The bullish trend, notably driven by American buyers, comes amid speculations of a potential U.S. Bitcoin spot price exchange-traded fund approval. Despite apprehensions surrounding fluctuating liquidity, Bitcoin's low-timeframe uptrend remains intact according to analysts.
On November 9, Bitcoin (BTC) approached the $37,000 mark, perplexing traders with a sudden price rise. According to Cointelegraph Markets Pro and TradingView information, BTC/USD passed $36,000 after the day ended. The pair then peaked at $36,864 on Bitstamp, reaching its highest point since early May 2022. The day before, market players were apprehensive about decreasing bid liquidity, which may have led to a retest of $34,000, but this scenario didn't happen, as an upswing was detected during US trading hours.
James Van Straten, research and data analyst at CryptoSlate, revealed that this is the most bullish the US has been on Bitcoin since early 2022. Glassnode's data reveals that American buyers are upholding this rally. Some are speculating that the refreshed bullish vibe could be linked to a possible approval of a spot price exchange-traded fund (ETF) for Bitcoin in the US.
Although this isn't anticipated until 2024, November 9 marks the start of the period that such a decision could potentially be made. Bloomberg Intelligence research analyst James Seyffart expressed belief in a "90% chance by Jan 10 for spot Bitcoin ETF approvals". If it arrives sooner, a flurry of approval orders for all current applicants may ensue, he added.
The recent upswing took the market by surprise due to the surprisingly fast gains that went against predictions from Material Indicators, an on-chain monitoring resource. Analysts concluded that despite liquidity fluctuations, Bitcoin's upward trend remains solid as it continues to mark higher lows on the 15-minute chart, paired with healthy relative strength index (RSI) values.
It's crucial to note that this report does not provide investment advice or recommendations. Investing and trading involve risk and all readers are advised to perform their own independent research before making any decision.
Published At
11/9/2023 7:07:58 AM
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