Bitcoin About To Smash The $38,000 Barrier – Decoding the Next Moves
November 21 2023 - 3:20AM
NEWSBTC
Bitcoin (BTC) price reclaimed $37,000 on Monday as the crypto
market started the week strongly and with investors regaining
confidence in the market. On-chain analysis identifies the key
reasons that could propel BTC prices higher this week. Bitcoin was
up 1.77% and was halfway to the vaunted $38,000 level at the time
of writing, with its trading volume soaring 21% to a little over
$14 billion. The recent gains in the crypto’s price have also
helped it to erase some of its recent losses, as evidenced by a
surge of around 0.55% in its price over the last seven days.
Anticipation Of Bitcoin ETF Nod This increase is a reflection of
the market’s rising hope for the US government to approve a spot
Bitcoin exchange-traded fund. But the SEC is still on the fence,
putting off judgments on many Bitcoin ETF proposals until 2024.
Bitcoin (BTC) continues to generate significant discussion on
social media, despite the SEC failing to meet the designated
eight-day timeframe for approving spot Bitcoin ETFs. Source:
FXStreet However, a recent explanation for the delays has emerged,
suggesting that the financial regulator has shown a preference for
cash-based creations of ETFs rather than cryptocurrency-based ones.
It is also believed that the agency is actively communicating with
exchanges over this matter. Bitcoin Gets Price Lift From Milei Win
Bitcoin’s latest price ascent was in part driven by the election of
Javier Milei, a politician who supports the adoption of bitcoin, as
the President of Argentina. Nevertheless, several traders caution
about a potential market response subsequent to the disclosure of
Federal Reserve meeting minutes on Tuesday, anticipating a period
of reduced market liquidity towards the conclusion of the current
business week. Related Reading: Sam Altman’s Worldcoin Token Makes
Headlines With 24% Surge Amid OpenAI Drama Anticipations are high
for a forthcoming week of notable activity within the
cryptocurrency sphere, as discerned by market participants who
foresee a series of events and announcements capable of influencing
market trajectories. BTCUSD trading at $37,424 today. Chart:
TradingView.com Eminent eToro markets analyst, Simon Peters,
underscored the imminent release of the Fed’s latest meeting notes,
slated for tomorrow. Peters articulated the consequential nature of
these minutes, portraying them as a conduit for acquiring profound
insights into the prevailing perspectives of the central bank.
Against the backdrop of a decelerating inflationary trajectory,
investors are particularly attuned to discerning further
substantiation affirming the prospect that the present juncture may
signify the culmination of peak interest rates. BTC seven-day price
action: Source: Coingecko What Lies Ahead For Bitcoin This
forthcoming week beckons vigilant attention as participants await
the nuanced signals that may resonate throughout the broader
landscape of the market. Meanwhile, based on a deeper look at the
daily chart, it is evident that there is currently a bullish
sentiment surrounding the price of Bitcoin as it approaches a
critical resistance level. If the closing bar lines up close to
that threshold, the impending test of this resistance level points
to a possible breakout situation. Related Reading: Bitcoin Fees
Soar Above Ethereum’s As Investors Flock To Ordinals-Backed Assets
The excitement that is building up in this situation might be the
impetus for a significant spike that takes the top altcoin’s price
up to $39,000. There has been a lot of excitement among market
watchers due to this suggestive bullish momentum, which is the
approaching challenge to the resistance level. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
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