Bitcoin Price Soars as Trading Volume Surges
The price of Bitcoin has risen by 5% in the last 24 hours, reaching $37,351 as of 12:24 AM EST. At the same time, trading volume has increased by 25%. This surge in trading volume reflects the growing interest and attention that BTC is receiving from traders.
Strong Move in Bitcoin Price
On November 15, Bitcoin experienced a significant move, surging towards the $38,000 mark. This was followed by a 15% climb in the price of Bitcoin to reclaim the high of $37,972 on November 9. Traders are now anticipating a move to $40,000, with $BTC retesting and bouncing as mentioned in previous analyses.
SEC Delays Hashdex Spot BTC ETF Application
The US Securities and Exchange Commission has delayed the application for Hashdex spot BTC ETF just two days before the closing of the eight-day window on November 17. The delay means that investors will have to wait longer for approval, with the window for approvals closing on Nov. 17.
Chances of Approval for Bitcoin ETFs
If the financial regulator misses the November 17 window, it would push the decision to January 10 by default, making it the next expected time for a strong Bitcoin pump. ETF specialist James Seyffart believes that there is less than a 50% chance of approval within the eight-day window but remains optimistic about meeting the January 10 deadline.
Bitcoin Price Outlook and Support
The hope for a continuation of an upward trend in Bitcoin price remains as it holds above a crucial support level. A break and close above $37,972 would render this support level a bullish breaker and could provide momentum for further upward movement towards $40,000 or even higher levels.
Bitcoin Alternative – BTCETF Token
As investors focus on Bitcoin racing to $40,000 and spot ETF approvals, attention has turned to BTCETF, which is expected to benefit directly from these impending approvals. The BTCETF Token is an ERC-20 token created to celebrate the expected arrival of Bitcoin ETFs in US financial markets. Investors can purchase shares representing digital assets through traditional brokerage accounts.
Hot Take: The Future of Bitcoin Price and ETF Approvals
The delay in SEC approval for Hashdex spot BTC ETF has put a hold on investor expectations for immediate approvals. However, with hopes still high for ETF approvals by January 10th and strong support levels holding for Bitcoin price, there is optimism for continued upward movement in Bitcoin’s value.
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