- Bitcoin recently peaked at $38,012 but fell to $36,559.
- SEC reviewing 12 Bitcoin ETF applications, decision expected by November 17.
- Bitcoin’s trading volume surged 42% despite struggling to break $38,000 resistance.
Bitcoin
Information from the reputable cryptocurrency data provider IntoTheBlock indicates a predominantly bearish sentiment for Bitcoin. Key indicators, including net network growth and the volume of significant transactions, support the notion of a bearish trend. Market experts point out that it could be difficult to counteract the prevailing bullish outlook despite the bearish efforts gaining momentum. It is important to note that Bitcoin has experienced a significant increase of 37% over the previous month.
Attention is directed towards the Bitcoin Exchange-Traded Fund (ETF), a significant factor affecting the price fluctuations of Bitcoin. The United States Securities and Exchange Commission (SEC) is anticipated to decide on the approval of all 12 outstanding applications for spot Bitcoin ETFs by November 17. It has been noted that since November 9, the SEC has been within the timeframe to sanction these applications, which encompasses the proposal by Grayscale Investments to transform its Grayscale Bitcoin Trust into an ETF.
At the same time, the well-known U.S. stock exchange Nasdaq submitted Form 19b-4 to the securities regulatory authority on behalf of BlackRock, an asset management company with assets under management worth approximately $9 trillion, for the planned exchange-traded fund (ETF) known as the iShares Ethereum Trust.
About whale transactions, notable individual Ali has indicated that over the previous week, whales have engaged in profit-taking activities, divesting or reallocating an estimated 60,000 BTC, equating to approximately $2.22 billion.
Bitcoin Downtrend on the Rise?
The latest examination of price fluctuations indicates a somewhat unstable upward trend in the daily timeframe, as evidenced by the 9-day exponential moving average (EMA) sitting beneath the current trading price of $36,338. Nonetheless, the daily relative strength index (RSI) signals that the asset is overbought territory with a reading of 73.
As of the latest update, the trading price of Bitcoin stood at $36,668, accompanied by a significant 42% increase in trading volume over the previous 24 hours. Following an unsuccessful effort to breach the $38,000 threshold, the cryptocurrency’s price has entered a consolidation phase, with a notable support level established near the $36,000 mark.
Should the price successfully surpass the threshold of $37,800, it is anticipated to approach the resistance level of $42,600. On the other hand, if the price falls beneath the $36,210 level, it could potentially challenge the support level at $35,670.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
