Bitcoin (BTC) Continues To Rally As Spot ETF Chatter Gets Louder

Date

11/30/2023 12:28:41 AM

(MENAFN- DailyFX) Continues to Rally as Spot ETF Chatter Gets Louder Skip to Conten

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Bitcoin (BTC) Prices, Charts, and Analysis:
Bitcoin (BTC/USD) Daily Price Chart – November 9, 2023
Bitcoin (BTC/USD) Weekly Price Chart – November 9, 2023
Bitcoin (BTC) Prices, Charts, and Analysis:

Bitcoin looking at $37 as the next level of resistance.
Spot ETFs would change the landscape for Bitcoin.

At the end of October, we identified a Bullish Pennant pattern forming on the daily Bitcoin chart, along with a Golden Cross, another positive technical set-up. Since then Bitcoin has rallied by around $3,000 and is currently eyeing the next level of resistance at $37. This level looks vulnerable and a concerted push would open the way to the next level of interest at $40k.
Bitcoin (BTC) Technical Outlook – Charts Suggests Higher Prices are Likely
Bitcoin guide
Bitcoin (BTC/USD) Daily Price Chart – November 9, 2023
The driving force behind the latest move higher is the growing belief that the SEC will shortly grant a raft of spot Bitcoin ETF applications. According to Bloomberg research, there is a window between November 9 and November 17 when all twelve ETF applications could be approved. The Bloomberg analysts assign a 90% chance that a Bitcoin ETF will be approved before January 10, 2024.
Looking further ahead, the $40k level may not hold Bitcoin for long. The largest cryptocurrency by market capitalization may well accelerate higher if/when spot ETFs are approved, especially as BTC nears its latest 'halving' event due in late April. After the halving, the block reward for miners will be reduced by 50% to 3.125 BTC from 6.25. The weekly chart shows resistance at $40k and a fraction under $43k before a gap to $48 appears.
If spot ETFs are not approved, Bitcoin could quickly fall to $32 before $31 and $31 come into focus.
Bitcoin (BTC/USD) Weekly Price Chart – November 9, 2023
Charts via TradingView
What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .

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