bitcoin (btc) targeted $38,000 again until November 23 when an “aggressive bid” allayed fears over Binance’s $4.3 billion fine.
bitcoin Analysis: “Something is Cooking”
Data from Cointelegraph Markets Pro and TradingView showed that btc price strength made a surprising comeback to reach a high of $37,870.
A subsequent cooldown kept the market near $37,500, with the mood markedly different from just 24 hours earlier.
Then, concerns about US legal action against the largest exchange, Binance, sparked a cascade of prolonged sell-offs, which only ended at one-week lows.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Almost back to the top of the range.
The $38,000 level remains my main level of interest. https://t.co/N0K3DHIV4w pic.twitter.com/J9ZTWbusu3
– Daan crypto Trades (@DaanCrypto) November 23, 2023
However, the bounce ended up being equally impressive and seemed to surprise some market participants with its intensity.
“btc: Some Thick Buy Walls on Binance Spot Market,” Popular Trader Ninja reacted on X (formerly Twitter).
“I haven’t seen such an aggressive offer in a while. “Something is cooking.”
A popular narrative once again involved a possible US go-ahead for a bitcoin spot price exchange-traded fund (ETF), something that could take less than 50 days.
The developments at Binance, as Cointelegraph reported, may have provided a timely backdrop for the first US approval of the long-awaited institutional investment product.
Grayscale updated its bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF Application!
Something is definitely happening. pic.twitter.com/WbWcv7iN8a
— Mr. crypto (@misterrcrypto) November 23, 2023
Analyzing the situation, trader Pentoshi also suggested that the stars could be aligning for the btc price surge thanks to the demand induced by the ETF.
Regardless of price developments, he added, approval would mean “the beginning of important decades of foreign trade allocation.”
Here is a simple thesis. game theory
49 days until deadline
Many marginalized people
Every day that passes = more pressure to assign as time progresses
Possible immersion. But the window is closing
Will it be a local top? Maybe. Will it be the beginning of several substantial decades of…
— Pentoshi euroPeng (@Pentosh1) November 22, 2023
Continuing, Samson Mow, CEO of bitcoin adoption company JAN3, regained a bitcoin unit price of $1 million thanks to new inflows of institutional capital.
“It has come to my attention that there are some Bitcoiners who do not believe that bitcoin can reach $1,000,000 in a matter of days/weeks after the ETF money starts flowing. They will be pleasantly surprised,” he said. saying.
RSI “reset” boosts short-term bullish thesis
With the prospect of a bullish return, social media commentator Cold Blooded Shiller was among those bullish on Relative Strength Index (RSI) values.
Related: btc Price Returns Key Profit Mark to bitcoin Exchange Users of $34.7K
These had “reset” with the trip to weekly lows, he concluded, paving the way for another bullish push.
This was the case not only for bitcoin, but also for Ether (eth) and a few other major altcoins.
“The reason this is so important is that normally when the RSI is in this position it is the basis for a new position,” he said. wrote in part of the attached comment.
“Markets with strong trends tend to maintain this level. Moving down into that ‘cooling’ region indicates that corrections are complete and the trend is resuming.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
