Bitcoin Analysis: "Something is Cooking"
Bitcoin made a strong comeback on November 23, reaching a high of $37,870, as concerns over Binance's $4.3 billion fine subsided. Just 24 hours prior, long liquidations caused by fears of US legal action against Binance had sent the market plummeting to one-week lows. However, the subsequent bounce caught many by surprise with its intensity.
Popular trader Ninja noted the aggressive bid on the spot Binance market and remarked, "Something is cooking." This led to speculation that the US might approve a Bitcoin spot price exchange-traded fund (ETF) in the near future, potentially within the next 50 days.
Events at Binance may have provided a timely backdrop for the approval of the long-awaited institutional investment product. Analysts believe that the approval of a Bitcoin ETF could lead to substantial multi-decade tradfi allocation.
Institutional capital inflows could also drive the price of Bitcoin to $1 million, according to Samson Mow, CEO of Bitcoin adoption firm JAN3. He stated that Bitcoiners who doubt the cryptocurrency's ability to reach that price in a short period of time will be pleasantly surprised.
RSI "Reset" Signals Short-Term Bullish Trend
Social media commentator Cold Blooded Shiller pointed out that the relative strength index (RSI) values for Bitcoin, Ether (ETH), and other major altcoins had been "reset" after the market correction. This suggests that the market is ready for another upward movement, as strong trending markets tend to hold this level.
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.
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