Surprise Surge Sends Bitcoin Soaring
The price of Bitcoin (BTC) came close to reaching $37,000 on November 9th, catching traders off guard with a fresh surge.
US Traders Boost Bitcoin
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD surpassed $36,000 after the daily close. It then reached $36,864 on Bitstamp, its highest level since May 2022.
Earlier concerns about bid liquidity decreasing, which could have led to a retest of $34,000, proved unfounded. Instead, the upside momentum began during US trading hours.
A Bullish Outlook
James Van Straten, a research and data analyst at crypto insights firm CryptoSlate, described the current US stance on Bitcoin as the most bullish since early 2022. He cited data from on-chain analytics firm Glassnode, which showed that US buyers were driving the rally.
There is speculation that this renewed bullish sentiment is connected to the potential approval of a US Bitcoin spot price exchange-traded fund (ETF). Although approval is not expected until 2024, November 9th marks the start of the period during which regulators could theoretically make the long-awaited announcement. Analysts at Bloomberg Intelligence believe there is a 90% chance of spot Bitcoin ETF approvals by January 10th, with the possibility of earlier approval leading to a wave of orders for current applicants.
Financial commentator Tedtalksmacro also noted that BTC is trading as if an ETF decision is imminent.
Unexpected Gains Surprise Market Observers
Longtime observers of the market were moderately shocked by the overnight gains in BTC price. On-chain monitoring resource Material Indicators reported that the gains had invalidated signals on two of its proprietary trading tools, which had never happened before. Popular trader Skew likened the recent price action to late January, when Bitcoin's start-of-year bull run began to fade.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.
