Bitcoin Surges Toward $37,000
On November 9th, Bitcoin (BTC) approached the $37,000 mark, surprising traders with a fresh surge in its price. The digital currency reached $36,864 on Bitstamp, marking its highest level since early May 2022. A day earlier, concerns were raised about declining bid liquidity that could lead to a retest of $34,000. However, this did not happen, and instead, there was an upside during United States trading hours.
According to James Van Straten of CryptoSlate and data from Glassnode, U.S. buyers were behind the sustained rally. This bullish tone was speculated to be linked to a potential approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), expected by 2024.
Reacting to this speculation, financial commentator Tedtalksmacro agreed that BTC seemed to be trading as if an ETF decision was imminent.
BTC Price Gains Exceed Expectations
Following the surge in BTC’s price overnight, Material Indicators reported that the gains invalidated signals on two of its proprietary trading tools for the first time ever. Popular trader Skew also made comparisons to late January regarding BTC’s price action.
Despite these observations, Skew reasoned that the low-timeframe uptrend was still intact due to higher lows on the 15-minute chart and healthy relative strength index (RSI) values.
Hot Take: What Lies Ahead for Bitcoin?
The recent surge in Bitcoin’s price has taken many by surprise. With U.S. buyers driving the rally and speculation about a potential approval of a U.S. Bitcoin spot price ETF, the future looks promising for BTC. However, with conflicting signals from various indicators and analysts’ warnings about similarities to past market trends, it remains to be seen how sustainable this surge will be in the long term.
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