Bitcoin approaching $38,000 as investor tension eases
Bitcoin made a push towards the $38,000 level as the fear emanating from the $4.3 billion fine that Binance received from the US government faded. On November 23, the market stood around $37,500, a starkly different mood compared to a day before when fear of legal action on Binance resulted in mass liquidations, causing the market to reach one-week lows.
“BTC — some thick buy walls over on the spot Binance market,” reacted one trader, suggesting a thick, aggressive bid for Bitcoin.
Potential ETF approval boosts Bitcoin price sentiment
Speculation rose again about the US giving the green light for a Bitcoin spot price exchange-traded fund (ETF), something that could happen just under 50 days from now. Some traders believe that authority to trade ETFs would call for substantial multi-decade TradFi allocation.
“Each passing day = more pressure to allocate as the clock ticks. Will it be a local top? Maybe. Will it be the beginning of substantial multi-decades…” suggested trader Pentoshi.
Institutional inflow and’strong trending markets’ drive price predictions
Amid the situation, Bitcoin adoption firm JAN3’s CEO highlighted a scenario suggesting that Bitcoin could reach $1,000,000 in value after significant capital inflows from institutions. One trader was bullish on relative strength index (RSI) values, suggesting that the RSI had “reset” after the slump to weekly lows, potentially opening the door for another surge.
“The reason this is so important is that usually when the RSI is in this position it’s the basis for a fresh position,” the trader wrote.
Hot Take
Bitcoin responds unexpectedly to market tension, pointing to possible upturns due to the cooling off of investor fears. The potential approval of a Bitcoin ETF and the sentiments from institutional investors and RSI values all point to an upward price trend for Bitcoin.
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