Bitcoin enters make-or-break zone after BTC price snaps back to $38K

“Even though cost is at comparable levels as last week, the Open Interest is still substantially less.”I believe we got a much better and more healthy base now than when we were here last week.”BTC/USD chart with OI, funding rates information.

$40k has actually come into focus, however there definitely are no assurances BTC can reach it this week.

Keeping an eye on resource Material Indicators, exposing a tentative long signal on one of its proprietary trading indicators, said the current cost zone held the difference in between further advantage and invalidation. ” Trend Precognition shows that this rally may not be over yet. $40k has actually entered into focus, but there certainly are no warranties BTC can reach it this week. For me a dip below $35,375 would invalidate the #TradingSignals,” part of commentary on X (previously Twitter) read.The initial advantage push had actually come as United States regulators extended a delay to deciding whether or not to authorize various crypto exchange-traded funds (ETFs). November had seen a stream of reports over a possible watershed moment for Bitcoin will hit in the type of the nations first Bitcoin spot price-based ETF. While a delay maintained the unpredictable status quo, markets had no time at all for cold feet– a curious relocation that did not go undetected by popular trader Skew and others.Decent video game theory takeit would make good sense for spot ETFs to be approved initially & & a blend (Futures/Spot) to be more regulated/approved later all speculative though till which ever is approved first https://t.co/luQH6AUGRS— Skew Δ (@ 52kskew) November 15, 2023

Bitcoin (BTC) circled around a key level into the Nov. 16 Wall Street open after copycat BTC rate action produced a fresh attack on $38,000.$ BTC 4Hprice in area of interest nowbulls need to hope here imo https://t.co/0wG1NhLJy2 pic.twitter.com/trnnG1hU0D— Skew Δ (@ 52kskew) November 16, 2023

Bitcoin (BTC) circled around an essential level into the Nov. 16 Wall Street open after copycat BTC price action produced a fresh attack on $38,000. BTC/USD 1-hour chart. Source: TradingViewBTC rate matches 18-month highsData from Cointelegraph Markets Pro and TradingView revealed a quick turn-around for Bitcoin, which reversed upward after a precipitous comedown earlier in the week.The day-to-day chart thus printed a nearly similar pattern to that seen a week prior, with $38,000 still serving as a company resistance.Now at around $37,400, BTC/USD was checking what experts highlighted as a vital support zone to keep.$ BTC 4Hprice in area of interest nowbulls should pray here imo https://t.co/0wG1NhLJy2 pic.twitter.com/trnnG1hU0D— Skew Δ (@ 52kskew) November 16, 2023

Other Questions People Ask

What does it mean for Bitcoin to enter a make-or-break zone after BTC price snaps back to $38K?

Entering a make-or-break zone indicates that Bitcoin's price is at a critical juncture where it could either rally further or face significant declines. The recent bounce back to $38K suggests that traders are closely monitoring this level as a potential support or resistance point. Analysts believe that maintaining above this threshold is crucial for bullish momentum, while a dip below could invalidate recent trading signals.

How does the current Open Interest affect Bitcoin's price after it snaps back to $38K?

The current Open Interest being substantially lower than last week indicates a more cautious market sentiment among traders. This reduced interest may suggest that fewer participants are willing to bet on Bitcoin's immediate price movements, which can lead to increased volatility. A healthier base is forming, but traders should remain vigilant, as significant price movements could occur if Bitcoin fails to hold above key levels like $38K.

What are the implications of the $40K target for Bitcoin after its price snaps back to $38K?

The $40K target has become a focal point for traders following Bitcoin's recent price action. While this level is within reach, analysts caution that there are no guarantees BTC will achieve it this week. Monitoring market indicators and sentiment will be essential, as a failure to break through $40K could lead to renewed selling pressure and invalidate bullish signals.

Why is the price zone around $38K critical for Bitcoin's future movements?

The price zone around $38K is critical because it serves as both a support and resistance level in the current market dynamics. If Bitcoin can maintain its position above this threshold, it may pave the way for further upward movement towards $40K. Conversely, a drop below this level could trigger a sell-off, invalidating bullish trading signals and potentially leading to a more bearish outlook.

What role do regulatory decisions play in Bitcoin's price movements after it snaps back to $38K?

Regulatory decisions, particularly regarding the approval of crypto exchange-traded funds (ETFs), significantly impact Bitcoin's price movements. The recent delays in these approvals have contributed to market uncertainty, yet they also provide opportunities for speculative trading. As traders react to these developments, the interplay between regulatory news and Bitcoin's price action will be crucial in determining whether it can sustain its current levels or face downward pressure.