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bitcoin price has risen almost 3% in the last 24 hours to auction for $36,738 on November 9 at 11:30 pm EST.
This followed a strong move above $36,000 and $37,000 during the early hours of the New York session on Thursday, exploding almost 10% to post an intraday high beyond the $38,400 level.
The move north corrected just as quickly, with nearly $1 billion in open interest (the sum of all long and short open orders) wiping out the market. In the northward move, bitcoin price liquidated nearly $1.6 million in short positions. On the other hand, the correction caused the elimination of around $17 million of long positions.
For clarity, it is worth detailing that the northward movement followed a brief contraction among traders, while the southward movement was a prolonged contraction. With more long positions than shorts eliminated, it was an effective long squeeze.
The strong bullish move and effective correction came as the cryptocurrency market, specifically bitcoin holders, attempted to get ahead of spot bitcoin exchange-traded fund (ETF) approvals. This was sparked by a statement from Bloomberg Intelligence ETF specialist James Seyffart. He highlighted:
A ‘short window’ opens tomorrow for the SEC to potentially approve the 12 btc spot ETF applicants, including Grayscale GBTC. It will be open for at least 8 days.
ONLY IN: Bloomberg analysts say a “short window” opens tomorrow for the SEC to potentially approve the spot bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF, and will be open for at least 8 days. pic.twitter.com/CfDXylvd8v
However, some analysts argue that this is more about price than news, noting that bitcoin price has reached a place where it is preparing for a parabolic expansion. This means that even without news, the cryptocurrency king will continue to rise, with viewers wrongly attributing the boost to news or speculation.
Contrary to popular belief, “price” will dictate “news” and we have entered the phase of the market where price is preparing for a parabolic expansion. pic.twitter.com/mJDpCOASDN
There could be some truth to this assumption, considering that November has historically proven to be the best performing month for bitcoin in terms of profitability. See our previous article here for more details.
This could mean that the price of bitcoin will be unstoppable from now on, ahead of the btc halving planned for April 2024.
bitcoin Price Forecast as Late Investors Find themselves Sidelined
After breaking above the upper boundary of an ascending parallel channel, bitcoin price has brought the psychological level of $40,000 into sight. Interestingly, the price managed to close above the upper limit, although not decisively, to change hands for $36,738 at the time of this publication.
The prospects for further gains remain open, with the Relative Strength Index (RSI) still heading north to show that momentum continues to build. However, its position at $82 shows that btc is massively overbought, meaning it may not be wise to open new positions, particularly for conservative traders. Rather, they should not close their current open positions. This is because the price could still rise as the momentum continues.
The Awesome Oscillator (AO) is also positive, with the histogram bars turning from red to green. It shows that there are still more bulls coming into play.
On the contrary, profit taking remains a threat to bitcoin‘s price upside potential and could trigger a correction, especially since btc is already overbought. A break below the $35,500 support level would clear the way for a prolonged decline towards the $32,500 and $31,190 support levels in a downtrend.
A breakout and close below the aforementioned level would clear the way for a prolonged decline, which could reach the psychological level of $30,000.
The “Global In/Out of the Money” (GIOM) metric for on-chain aggregator IntoTheBlock supports the bullish outlook. It shows that at the current price, 82.26% of btc holders have unrealized (in-the-money) gains. This is relative to the 15.48% of token holders who have unrealized losses (out of the money). Only about 2.26% are breaking even (in money).
As the hype around spot bitcoin ETFs continues to grow, forward-thinking investors have shifted their gaze to BTCETF.
Investors can purchase BTCETF for just $0.005 using the stablecoin ethereum (eth) or Tether (USDT), or a bank card. With a target of $420,000 in the first stage, the latest updates show that there is already $251,000 in the bag.
#BitcoinETF You’ve reached your first big milestone!
BTCETF drives the bitcoin ETF token ecosystem, spearheading the btc ETF spot narrative that Bloomberg’s Seyffart referenced. Now that bitcoin price has broken through the $36,000 level, and with $40,000 in sight, it is the best time to jump on the bitcoin ETF tokens bandwagon before it is too late.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Continues to Rise as Potential SEC Approval of Multiple Spots #BitcoinETF fuels market optimism.
With $btc crossing $36,700, all eyes are on the SEC’s decision within the next window.
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