Bitcoin (BTC) saw a significant surge on November 9th, nearing $37,000, catching many traders by surprise. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD managed to pass the $36,000 mark after the daily close, and subsequently reached $36,864 on Bitstamp, the highest level it has seen since early May 2022. This surge was quite unexpected, as the day before, market participants were concerned about bid liquidity falling, which could have led to a potential retest of $34,000. However, this did not materialize, and instead, an upside occurred during United States trading hours.
According to James Van Straten, a research and data analyst at CryptoSlate, this recent upwards trend is the most bullish the U.S. has been on Bitcoin since early 2022. He referenced data from on-chain analytics firm Glassnode, which showed that U.S. buyers were sustaining the rally. Other experts speculated that the renewed bullish tone could be associated with a potential U.S. Bitcoin spot price exchange-traded fund (ETF) approval, which, although not expected until 2024, could theoretically be announced during this period.
On the topic of ETF approval, James Seyffart, a research analyst at Bloomberg Intelligence, wrote that there was a 90% chance of spot Bitcoin ETF approvals by January 10th. Furthermore, he mentioned that there could be a window during which a wave of approval orders for all the current applicants might occur. This sentiment was shared by financial commentator Tedtalksmacro, who mentioned that Bitcoin was trading as if an ETF decision was imminent.
The sudden surge in BTC price caught many traders off guard. On-chain monitoring resource Material Indicators revealed that the overnight gains had invalidated signals on two of its proprietary trading tools, which was a phenomenon not seen before according to the co-founder Keith Alan. Popular trader Skew also likened the recent price action to late January, when Bitcoin’s bull run began to fade. However, he noted that the low-timeframe uptrend was still intact based on certain technical indicators.
Overall, the surge in BTC price was met with cautious optimism, as traders and analysts were taken aback by the rapid movement. It’s important to note that this article does not contain investment advice or recommendations, and readers should conduct their own research before making any investment decisions.
The recent surge in BTC price is significant for the cryptocurrency market, and it highlights the growing interest and investment in digital assets, especially in the United States. This could be indicative of a shift in the perception and adoption of cryptocurrencies among traditional investors, as well as potential regulatory developments that could pave the way for more institutional participation in the crypto space. As the market continues to evolve, it’s crucial for traders and investors to stay informed and adapt to the changing landscape of digital assets.
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