Bitcoin price broke $37,000 and went as high as $37,973 in a burst move that saw it break free from a key resistance discussed here last week. It is the first time in 18 months that the asset has gone this high.
At the same time, Ethereum took the opportunity to go on a 17.5% rally and broke the $2,000 mark amidst rumours of an ETH ETF filing.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.3%
- Bitcoin Market Cap: $716.271 billion
- Total Supply: 21 million
- Circulating supply: 19.538 million
Previous Bitcoin Price Analysis
In the previous BTC price analysis, the asset was grappling with the $35,000 mark, trying to break above it, The bulls had put on much work, testing the resistance and facing rejection. Due to this, our analysis pointed to a possible scenario where bulls would lose out on this tug, and the BTC price would retest $30,000.
However, amidst the impending approval of a spot BTC ETF approval, the asset shot up even higher, invalidating last week’s setup.
Bitcoin Price Likely to Extend Its Gains
After pumping 9.17% from last Friday, Bitcoin is looking to add even more gains – albeit not before a well-deserved breather.
The 50-day and 200-day moving averages provide support for the asset at $35,388 and $32,543.
The market seems to be highly positive of Bitcoin Spot ETF approval, and the effect can be seen on BTC’s price.
Bitcoin is now expected to retrace to $35,835 before rising higher. Key resistance levels for BTC are $37,973 and $45,639.
Unless bad news hits the crypto market, the coming week should be great for Bitcoin.
In addition to Bitcoin’s rally, Ethereum rose massively on rumours that an ETH ETF filing by Blackrock was due.
Author’s Opinion
Next week will undoubtedly be an exciting week as the market holds its breath for either a reversal or a push higher for these assets.
In the deep annals of crypto Twitter, rumours of a global financial overhaul are catching fire. This overhaul is connected to XRP, the SEC, and the banks and could affect the entire crypto and traditional financial market. November 9, 2023, was a key date for SEC v Ripple Settlement, but no news has come out yet.
Other key dates in November include Nov. 16, 2023, Nov. 17, 2023, Nov. 18, 2023, Nov. 19, 2023, and Nov. 20, 2023.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make investment decisions based solely on what you read here.