Home Bitcoin News Bitcoin Surges Toward $38K Amidst ‘Aggressive Bid’ and Speculation on Impending ETF Approval

Bitcoin Surges Toward $38K Amidst ‘Aggressive Bid’ and Speculation on Impending ETF Approval

Bitcoin Surges Toward $38K Amidst 'Aggressive Bid' and Speculation on Impending ETF Approval

In a surprising turn of events on November 23, Bitcoin experienced a remarkable resurgence, with its price soaring to nearly $38,000. This sudden surge came in the wake of uncertainties surrounding Binance, one of the largest cryptocurrency exchanges, which had recently faced a hefty $4.3 billion fine. The market’s rapid bounce-back and the notable shift in sentiment dispelled earlier concerns and injected fresh optimism into the cryptocurrency space.

Data from Cointelegraph Markets Pro and TradingView illustrated Bitcoin’s strong comeback, reaching a peak of $37,870. Despite a subsequent cooling-off period that stabilized the market around $37,500, this recovery marked a significant departure from the scenario just 24 hours earlier. The market had experienced a downturn due to apprehensions about potential U.S. legal actions against Binance, triggering a series of long liquidations and resulting in one-week lows.

The unexpected rebound caught many market participants by surprise, prompting observations from traders like Ninja, who noted the presence of “thick buy walls” on the spot Binance market and described the bid as “aggressive.” This observation fueled speculation about the underlying factors driving this surge, with some suggesting that a variety of elements, including the anticipation of a U.S. approval for a Bitcoin spot price exchange-traded fund (ETF), played a role.

The prospect of a Bitcoin ETF gaining regulatory approval in the U.S. has been a recurring theme in the cryptocurrency space. Speculations about this approval, believed to be less than 50 days away, gained traction in the aftermath of events at Binance. Pentoshi, a seasoned trader, highlighted the alignment of factors, including the potential ETF-induced demand, as a catalyst for a positive trajectory in Bitcoin prices. He suggested that the approval of the ETF could signify “the beginning of substantial multi-decades of traditional finance allocation.”

Samson Mow, CEO of Bitcoin adoption firm JAN3, contributed to the optimistic sentiment by reviving discussions about a $1 million Bitcoin unit price. He foresaw the impact of new institutional capital inflows once the ETF is approved, stating that those who doubt Bitcoin’s ability to reach $1 million in a matter of days or weeks after ETF money starts flowing in are in for a “pleasant surprise.”

In the midst of these developments, social media commentator Cold Blooded Shiller drew attention to the relative strength index (RSI) values, which had been “reset” following the dip to weekly lows. According to Shiller, this reset creates a potential stage for a surge not only for Bitcoin but also for Ethereum and other major altcoins. He explained that in strong trending markets, the RSI tends to hold a certain level, and nearing the ‘cool off’ region indicates that corrections are complete, paving the way for the resumption of the trend.

As Bitcoin enthusiasts closely monitor these market dynamics, the convergence of various factors, including regulatory developments, market sentiment, and institutional interest, suggests a potentially transformative period for the world’s leading cryptocurrency. The resilience displayed by Bitcoin amid uncertainties and its swift recovery underscore the dynamic nature of the cryptocurrency market and its ability to respond to a myriad of factors influencing investor sentiment.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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