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 Bitcoin returns to 18-month highs as whipsaw BTC price action manages to avoid another open interest blowout.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) circled a key level into the Nov. 16 Wall Street open after copycat BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action produced a fresh attack on $38,000.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/16/00bc91454d7cd38414440db6cc2c0875.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 1-hour chart. Source: TradingView</em>
  </figcaption>
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 <h2 id="btc-price-matches-18-month-highs">BTC price matches 18-month highs</h2>
 <p>Data from Cointelegraph Markets Pro and TradingView showed a swift turnaround for Bitcoin, which reversed upward after a precipitous comedown earlier in the week.</p>
 <p>The daily chart thus printed a near identical pattern to that seen a week prior, with $38,000 still acting as firm resistance.</p>
 <p>Now at around $37,400, BTC/USD was testing what analysts highlighted as an essential support zone to retain.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">$BTC 4H<br><a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> in area of interest now<br><br>bulls should pray here imo https://t.co/0wG1NhLJy2 pic.twitter.com/trnnG1hU0D</p>— Skew Δ (@52kskew) November 16, 2023
 </blockquote>
 <p>Monitoring resource Material Indicators, revealing a tentative long signal on one of its proprietary trading indicators, said that the current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> zone held the difference between further upside and invalidation.</p>
 <p>“Trend Precognition indicates that this rally may not be over yet. $40k has come into focus, but there certainly are no guarantees BTC can reach it this week. For me a dip below $35,375 would invalidate the #TradingSignals,” part of X commentary read.</p>
 <p>The initial upside push had come as United States regulators extended a delay to deciding whether or not to approve various crypto exchange-traded funds (ETFs).</p>
 <p>November had seen a stream of rumors over a possible watershed moment for Bitcoin being about to hit in the form of the country’s first Bitcoin spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> based ETF.</p>
 <p>While a delay preserved the uncertain status quo, markets had no time for cold feet — a curious move that did not go unnoticed by popular trader Skew and others.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Decent game theory take<br> <br>it would make sense for spot ETFs to be approved first &amp; a blend (Futures/Spot) to be more regulated/approved later on <br><br>all speculative though till which ever is approved first https://t.co/luQH6AUGRS</p>— Skew Δ (@52kskew) November 15, 2023
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 <h2 id="open-interest-steady-during-btc-price-comeback">Open interest steady during BTC price comeback</h2>
 <p>Analyzing market composition, meanwhile, fellow trader and analyst Daan Crypto Trades argued that there was now a more compelling case for staying higher.</p>
 <p><strong><em>Related:&nbsp;$48K is now ‘reasonable’ BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> target — DecenTrader’s Filbfilb</em></strong></p>
 <p>This was thanks to lower open interest (OI) and funding rates compared to peaks over the past week.</p>
 <p>"Even though price is at similar levels as last week, the Open Interest is still considerably less. Funding rates also slightly lower," he wrote on the day.</p>
 <blockquote>
  "I think we got a better and more healthy base now than when we were here last week."
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/16/0a270b1bb5f2208b468343495a2dd491.webp">
  <figcaption style="text-align: center;"><em>BTC/USD chart with OI, funding rates data. Source: Daan Crypto Trades/X</em>
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 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-enters-make-or-break-zone-after-btc-price-snaps-back-to-38k-tbt70518.html">https://thebittimes.com/bitcoin-enters-make-or-break-zone-after-btc-price-snaps-back-to-38k-tbt70518.html</a></p>

Bitcoin enters make-or-break zone after BTC price snaps back to $38K

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