A new spike in Bitcoin (BTC) prices seemed to surprise traders, with Bitcoin (BTC) approaching $37,000 on November 9th.
The US “carries” Bitcoin’s upside
Cointelegraph Markets Pro and TradingView It showed that BTC/USD exceeded $36,000 after the daily close.
The pair hit $36,864 on Bitstamp, its highest price since early May 2022.
A day earlier, market participants’ concerns centered on the illiquidity of the bid, potentially allowing a retest of $34,000.
This ultimately did not happen and the upside came in during US trading hours.
“Zooming out, this is the most bullish the US has been on Bitcoin since early 2022. The last time Asian price changes looked bullish was in October 2021.” Cryptocurrency Insights James Van Straten, a research and data analyst at the company Cryptoslate, said in part in the paper. latest research.
Van Straten referenced data from an on-chain analytics company glass nodeshowed U.S. buyers sustaining gains.
“Americans are carrying this” William Clemente, co-founder of cryptocurrency research firm Reflexivity Added.
Some have speculated that the new bullish tone may be tied to the possible approval of a Bitcoin spot price exchange-traded fund (ETF) in the US.
Although not expected until 2024, November 9th theoretically marks the beginning of a period in which long-awaited announcements from regulators could be made.
“We still believe there is a 90% chance that a spot Bitcoin ETF will be approved by January 10th,” said James Seifert, research analyst at Bloomberg Intelligence. I have written It’s becoming a hot topic.
“But if it happens sooner, there *could* be a wave of approval orders for all current applicants.”
Reacting Financial commentator Ted Talks Macro agreed with Seifert.
His own comments read in part: “BTC is certainly trading as if an ETF decision is imminent.”
BTC price rise exceeded expectations
Analyzing the composition of the market, there was a moderate air of shock among longtime observers.
Related: Unusual Highs — Bitcoin Ordinal Sends BTC Transaction Fees to New 5-Month Peak
On-chain monitoring resource Material Indicators revealed that overnight gains invalidated the signals of two of its proprietary trading tools. According to co-founder Keith Allan, this is a phenomenon never seen before.
Needless to say, the BTC Weekly Chart Trend Prediction ⬇️ signal is invalidated above $36,000. The first time I’ve seen something like this happen when both algorithms have a signal on the same candlestick. https://t.co/7nGahmgCDW
— Material Indicator (@MI_Algos) November 9, 2023
Meanwhile, popular trader Skew has previously warned about volatility in liquidity, likening Bitcoin’s price action to late January, when Bitcoin’s early-year bull run began to wane.
$BTC $36,000 Sweep and Not-So-Great 4H Candlestick
If we zoom out to each day, this structure starts to look a lot like late January.
— Skew Δ (@52kskew) November 8, 2023
diagonal reasoned He said the lower time frame uptrend is “still intact” thanks to a rising streak of lows on the 15-minute chart and healthy Relative Strength Index (RSI) values.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.