Bitcoin (BTC) took fresh aim at $38,000 into Nov. 23 as an “aggressive bid” dispelled cold feet over Binance’s $4.3 billion fine.
Bitcoin analysis: “Something is cooking”
Data from Cointelegraph Markets Pro and TradingView showed BTC price strength making a striking comeback to top out at $37,870.
A subsequent cooling off kept the market near $37,500, with the mood markedly different to just 24 hours prior.
Then, concerns over United States legal action against largest exchange Binance had sparked a cascade of long liquidations, which only ended at one-week lows.
#Bitcoin Almost back to the top of the range.
The $38K level remains my main level of interest. https://t.co/N0K3DHIV4w pic.twitter.com/J9ZTWbusu3
— Daan Crypto Trades (@DaanCrypto) November 23, 2023
The bounce ended up equally impressive, however, and appeared to catch some market participants by surprise with its intensity.
“BTC — some thick buy walls over on the spot Binance market,” popular trader Ninja reacted on X (formerly Twitter).
“Have not seen such an aggressive bid for a while. Something is cooking.”
A popular narrative once again involved a potential U.S. go-ahead for a Bitcoin spot price exchange-traded fund (ETF), something which could be just less than 50 days away.
Events at Binance, as Cointelegraph reported, may have provided a timely backdrop for the first U.S. approval of the long-awaited institutional investment product.
Grayscale updated their #Bitcoin ETF application!
There is definitely something going on. pic.twitter.com/WbWcv7iN8a
— Mister Crypto (@misterrcrypto) November 23, 2023
Analyzing the situation, fellow trader Pentoshi likewise suggested that the stars might be aligning for BTC price upside thanks to ETF-induced demand.
Regardless of price action, he added, the approval would mean “the beginning of substantial multi decades of tradfi allocation.”
Here’s a simple thesis. Game theory
49 days until etf
Many Sidelined people
Each passing day = more pressure to allocate as the clock ticks
Dips possible. But the window is closing
Will it be a local top? Maybe. Will it be the beginning of substantial multi decades of…
— Pentoshi euroPeng (@Pentosh1) November 22, 2023
Continuing, Samson Mow, CEO of Bitcoin adoption firm JAN3, nonetheless brought back a $1 million Bitcoin unit price at the hands of the new institutional capital inflows.
“It has come to my attention that there are some Bitcoiners that…
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