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Bitcoin Price Exceeds $37,900 Pointing a viable Rally in BTC

Bitcoin Price Exceeds $37,900 Pointing a viable Rally in BTC

Bitcoin price surged to $37,900, marking its highest point in 18 months, driven by optimism about the potential approval of a Bitcoin exchange-traded fund (ETF) by US regulators. The sentiment among Bitcoin traders has turned more positive as the US Securities and Exchange Commission (SEC) evaluates 12 applications for Bitcoin ETFs.

As of the current moment, Bitcoin is trading at $36,683 on the Binance platform. Over the past week, the value of the foremost cryptocurrency by market capitalization has increased by nearly 5%.

Bitcoin Price Exceeds $37,900, Sustaining 35% Gain

The value of Bitcoin price exceeded $37,900, despite a notable increase in substantial transactions, each valued at $100,000 or more. Bitcoin has recorded a remarkable gain of nearly 35% since the onset of the current upward trend in mid-October.

According to insights from Bloomberg analysts Eric Balchunas and James Seyffart, there is potential for the US Securities and Exchange Commission (SEC) to greenlight certain Bitcoin exchange-traded fund (ETF) applications before the January 10 deadline. The comment period for several applicants concluded on Wednesday. Also the analysts suggest that approval orders could be issued between November 9 and November 17.

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Analysis of data from crypto intelligence tracker Santiment reveals that substantial volume transactions peaked on November 8. Which surpassing 8,600 early on Friday. Traditionally associated with profit-taking, these significant volume Bitcoin transfers often precede a decline in the cryptocurrency’s price. However, despite the selling pressure, Bitcoin has demonstrated resilience in maintaining its upward trajectory.

Source: FX Street

Bitcoin Sentiment Rise and Supply Reduction: Nov 8-9 Overview

Between November 8 and 9, the weighted sentiment of BTC holders, a metric by Santiment measuring sentiment on social media, rose from -1.97 to 0.95 in tandem with the surge in Bitcoin’s price.

Source: FX Street

Bitcoin’s availability on exchanges has markedly diminished. As per Santiment data, the BTC supply decreased from 1.32 million on May 10 to 1.07 million on November 10. This decline in supply usually eases selling pressure.

Source: FX Street

Bitcoin Price: Technical analysis

Bitcoin’s price is set for an upward trajectory, having recorded almost a 5% increase in the past week. The cryptocurrency faced resistance at $38,000, a level described by technical analyst Scott Melker as the “ultimate hurdle.”

Melker points out that the $38,000 to $40,000 range aligns with pre-LUNA collapse levels. If Bitcoin surpasses $40,000, it could potentially wipe out any residual impact from the market challenges of 2022 on its price chart.

Source: FX Street

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