Bitcoin ETF hype returns as ‘aggressive bid’ sends BTC price near $38K
Bitcoin (BTC) took fresh aim at $38,000 into Nov. 23 as an “aggressive bid” resolved cold feet over Binances $4.3 billion fine.BTC/ USD 1-hour chart. Source: TradingViewBitcoin analysis: “Something is cooking” Data from Cointelegraph Markets Pro and TradingView showed BTC price strength making a striking resurgence to top out at $37,870. #Bitcoin Almost back to the top of the range.The $38K level stays my main level of interest.
Evaluating the scenario, fellow trader Pentoshi likewise suggested that the stars may be aligning for BTC rate upside thanks to ETF-induced demand.Regardless of cost action, he added, the approval would imply “the start of substantial multi years of tradfi allocation.” Heres a simple thesis. Game theory49 days until etf Many Sidelined individuals Each passing day = more pressure to allocate as the clock ticks Dips possible. However the window is closing Will it be a regional top? Maybe. Will it be the beginning of substantial multi years of …– Pentoshi euroPeng (@Pentosh1) November 22, 2023
Continuing, Samson Mow, CEO of Bitcoin adoption company Jan3, however brought back a $1 million Bitcoin unit cost at the hands of the brand-new institutional capital inflows.”It has actually come to my attention that there are some Bitcoiners that dont think Bitcoin can reach $1,000,000 in a matter of days/weeks after ETF money starts to flow in. Theyre in for an enjoyable surprise,” he said.RSI “reset” enhances short-term bullish thesisEyeing the prospect of advantage returning, social media commentator Cold Blooded Shiller was amongst those bullish on relative strength index (RSI) values.Related: BTC rate returns key revenue mark to Bitcoin exchange users at $34.7 KThese had been reset by the trip to weekly lows, he concluded, paving the way for another impulse higher.This was the case not just for Bitcoin however likewise for Ether (ETH) and some other major altcoins.
The bounce ended up equally impressive, nevertheless, and appeared to catch some market participants by surprise with its strength.” BTC– some thick buy walls over on the spot Binance market,” popular trader Ninja responded on X (formerly Twitter). “Have not seen such an aggressive bid for a while. Something is cooking.” A popular narrative once again included a prospective U.S. go-ahead for a Bitcoin area cost exchange-traded fund (ETF), something that might be simply less than 50 days away.Events at Binance, as Cointelegraph reported, might have offered a timely backdrop for the very first U.S. approval of the long-awaited institutional financial investment product.Grayscale updated their #Bitcoin ETF application!There is absolutely something going on. pic.twitter.com/WbWcv7iN8a— Mister Crypto (@misterrcrypto) November 23, 2023
Bitcoin (BTC) took fresh aim at $38,000 into Nov. 23 as an “aggressive quote” resolved cold feet over Binances $4.3 billion fine.BTC/ USD 1-hour chart. Source: TradingViewBitcoin analysis: “Something is cooking” Data from Cointelegraph Markets Pro and TradingView showed BTC price strength making a striking return to top out at $37,870.” A popular story when again involved a potential U.S. go-ahead for a Bitcoin spot price exchange-traded fund (ETF), something that might be just less than 50 days away.Events at Binance, as Cointelegraph reported, might have supplied a prompt background for the very first U.S. approval of the long-awaited institutional financial investment product.Grayscale updated their #Bitcoin ETF application!There is certainly something going on. Continuing, Samson Mow, CEO of Bitcoin adoption firm Jan3, nevertheless brought back a $1 million Bitcoin unit price at the hands of the new institutional capital inflows. Theyre in for an enjoyable surprise,” he said.RSI “reset” improves short-term bullish thesisEyeing the prospect of upside returning, social media analyst Cold Blooded Shiller was among those bullish on relative strength index (RSI) values.Related: BTC rate returns key revenue mark to Bitcoin exchange users at $34.7 KThese had actually been reset by the journey to weekly lows, he concluded, paving the method for another impulse higher.This was the case not only for Bitcoin but also for Ether (ETH) and some other significant altcoins.