Nov 09, 2023

BTC Price Nears $37K – Latest AI and Crypto News

BTC Price Nears $37K, Excitement for Bitcoin ETF Evergrows in Crypto Space.
Bitcoin ETF excitement returns as BTC price nears $37K

As the evergrow crypto market saw a sudden surge in the BTC price, it reached nearly $37,000 on Nov. 9, taking traders by surprise.

U.S. “carrying” Bitcoin upside

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $36,000 after the daily close, going on to reach $36,864 on Bitstamp and making its highest level since early May 2022.

The previous day, market participants had been concerned about bid liquidity declining, potentially allowing for a retest of $34,000, which did not materialize as upside entered during United States trading hours.

“Zooming out, this is the most bullish U.S. has been on Bitcoin since early 2022. Asia price change was last seen as bullish as October 2021,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, wrote in part of his latest research.

Van Straten referred to data from on-chain analytics firm Glassnode, which showed U.S. buyers sustaining the rally. “Americans carrying this thing,” William Clemente, co-founder of crypto research firm Reflexivity added.

Speculators suggested that the renewed bullish tone could be linked to a potential U.S. Bitcoin spot price exchange-traded fund (ETF) approval, though this is not expected until 2024, with Nov. 9 marking the start of the period during which the long-awaited announcement from regulators could theoretically come.

“We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals,” James Seyffart ,research analyst at Bloomberg Intelligence, wrote on the topic. Reacting to Seyffart, financial commentator Tedtalksmacro agreed, stating “BTC sure is trading like an ETF decision is due any moment.”

BTC price gains beat forecasts

Analyzing the composition of the market, longtime observers were moderately taken aback.

Material Indicators, a blockchain monitoring resource, revealed that the overnight gains had invalidated signals on two of its proprietary trading tools — something that had never happened before, according to co-founder Keith Alan.

Popular trader Skew, who previously warned about liquidity fluctuations, compared the BTC price action to late January — the point at which Bitcoin’s start-of-year bull run started to decline.

Skew argued that the short-term uptrend was “still intact” due to a series of higher lows on the 15-minute chart, along with healthy relative strength index (RSI) values.

Share this article