Crypto News – At the time of writing, Bitcoin’s price is $376,664.71, perhaps surprising traders with a recent spike in the cryptocurrency’s value.
BTC Price Reaches New 18-Month High
Following the daily close, BTC/USD crossed $36,000, according to data from TradingView and Cointelegraph Markets Pro. On Bitstamp, the pair hit its highest level since early May 2022, when it hit $36,864.
Concerns expressed by market players the day before centered on bid liquidity declining and perhaps permitting a retest of $34,000. Upside entered during US trading hours, proving that this finally failed to happen.
Zooming out, this is the most bullish U.S. has been on Bitcoin since early 2022. Asia price change was last seen as bullish as October 2021,James Van Straten, research and data analyst at crypto insights firm CryptoSlate
Hopes Rise for ETF Approval Before 2024
Although it’s not anticipated until 2024, Nov. 9 is when the window of opportunity for the much-anticipated regulatory announcement might open.
We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.James Seyffart, research analyst at Bloomberg Intelligence
Financial commentator Tedtalksmacro concurred in response to Seyffart.
BTC sure is trading like an ETF decision is due any moment,Tedtalksmacro
What Do Analysts Think About the Price Increase?
According to co-founder Keith Alan, the overnight gains invalidated signals on two of the company’s own trading algorithms, a situation never before observed using the on-chain monitoring resource Material Indicators.
Meanwhile, well-known trader Skew, who had earlier issued a warning regarding changes in liquidity, compared the price behavior of BTC to late January, when the cryptocurrency’s year-end surge started to wane. Skew reasoned that a series of higher lows on the 15-minute chart, combined with strong relative strength index values, meant that the low-timeframe uptrend was “still intact.”