Bitcoin (BTC) Approaches Key Level as Market Remains Volatile
As the Nov. 16 Wall Street open approached, Bitcoin (BTC) continued to circle a crucial level after a fresh attack on $38,000. The daily chart showed a nearly identical pattern to the previous week, with $38,000 proving to be a strong resistance level. At around $37,400, BTC/USD was testing a critical support zone, according to analysts.
BTC Price Matches 18-Month Highs
Monitoring resource Material Indicators revealed a tentative long signal on one of its proprietary trading indicators, suggesting that the current price zone was essential for further upside potential. The initial upside push came as United States regulators extended a delay in deciding whether to approve various crypto exchange-traded funds (ETFs).
November had seen rumors about the possibility of the country’s first Bitcoin spot price-based ETF, but the delay preserved the uncertain status quo. Popular trader Skew and others noted this curious move.
Open Interest Steady During BTC Price Comeback
Fellow trader and analyst Daan Crypto Trades argued that there was now a more compelling case for staying higher due to lower open interest (OI) and funding rates compared to peaks over the past week. “Even though price is at similar levels as last week, the Open Interest is still considerably less. Funding rates also slightly lower,” he wrote on the day.
Hot Take: Bitcoin’s Volatility Continues Amid Regulatory Uncertainty
The recent volatility in Bitcoin’s price reflects ongoing regulatory uncertainty and market speculation surrounding ETF approval. While BTC continues to approach key levels, such as $38,000 and beyond, traders remain cautious due to the unpredictable nature of regulatory decisions. As discussions around ETFs persist, Bitcoin’s performance remains closely tied to external factors beyond technical analysis.
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