Bitcoin ETF

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 <p class="is-style-lead">Bitcoin’s price action shows consolidation and significant volatility, focusing on the $38,000 resistance level and market sentiment indicators. How high can Bitcoin go?</p>
 <p>Bitcoin (BTC) has shown resilience and bounced back above $37k levels after declining to $35k levels on Nov. 15.</p>
 <p>BTC has maintained its bullish outlook despite a period of sliding <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s influenced by the absence of significant developments in the spot Bitcoin exchange-traded fund (ETF) and other macroeconomic factors.</p>
 <p>Moreover, over the past few weeks, Bitcoin’s journey has been marked by a pattern of higher lows and higher highs, a characteristic of a bull phase in the crypto market.</p>
 <p>Greg Moritz of AltTab Capital remarks on the natural occurrence of pullbacks even in bullish markets, suggesting that the current scenario is a typical fluctuation within an overall positive trend​​.&nbsp;</p>
 <p>Further bolstering Bitcoin’s position is the macroeconomic landscape, which presents interesting dynamics for cryptocurrencies.</p>
 <p>The Federal Reserve’s policy adjustments in response to economic indicators and endorsements by financial institutions like BlackRock have contributed to a resurgence in crypto, reflecting a cautiously optimistic market sentiment​​.</p>
 <p>Given Bitcoin’s current state within a rapidly evolving financial ecosystem, let’s see what factors are affecting BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> and what’s the Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> prediction for the coming days.</p>
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 <h3 class="wp-block-heading" id="strong-updated-status-and-market-expectations-for-spot-btc-etf-strong"><strong>Updated status and market expectations for spot BTC ETF</strong></h3>
 <p>The SEC’s cautious stance on the approval of spot Bitcoin ETFs remains evident, as seen by the fact that, to date, no applications for these ETFs, including a notable submission from Global X, have been approved.</p>
 <p>This consistent hesitance from the regulatory body has effectively narrowed the window for approving multiple ETFs, pushing the potential for a first spot Bitcoin ETF approval into 2024.</p>
 <p>Attention is now turning towards the Jan. 10, 2024, deadline for the ARK 21Shares application, which stands as a significant date for investors and analysts monitoring the situation.&nbsp;</p>
 <p>The SEC’s ongoing reluctance to approve spot BTC ETFs, even amidst growing interest in integrating cryptocurrencies into the mainstream financial sector, underscores the enduring regulatory hurdles within the crypto market.</p>
 <h2 class="wp-block-heading" id="strong-bitcoin-price-action-and-technical-analysis-strong"><strong>Bitcoin price action and technical analysis</strong></h2>
 <p>As of Nov. 21, Bitcoin’s price action has been fluctuating around the $37,000 mark, displaying the challenges it faces in reclaiming higher ground as a stable support level​​.&nbsp;</p>
 <p>The 50-day exponential moving average (EMA) is well below Bitcoin’s current price at about $36,900, indicating a bullish state in the market. Bitcoin’s price movement is currently confined within a sideways channel, fluctuating between $36k and $38k level.</p>
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 <p>Furthermore, Bitcoin bulls and bears are engaged in a tug of war near the $36,400 support/resistance level, which has become a critical midpoint of the trading range for BTC.&nbsp;This pattern emerged after Bitcoin first spiked to $38,000 on Nov. 9, indicating a consolidation phase in its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> movement​​.</p>
 <p>The market also witnessed significant volatility, with a noticeable drop to the $34,750 level, signaling a cooling trend. However, a strong rally was observed on Nov. 16, with Bitcoin surging to a high of $38,000, mirroring its peak.&nbsp;This repeated peak forms a double top, suggesting $38,000 as a strong resistance level​​.</p>
 <p>Meanwhile, the crypto fear and greed index is currently at 74 out of 100 points, indicating an elevated level of optimism within the cryptocurrency sector. The index experienced a drop from a weekly high of 77 achieved on Nov. 16, which denoted even more greed.&nbsp;</p>
 <p>The fear and greed index is a crucial indicator of market sentiment, often used to gauge the emotional state of the crypto markets​​​​.</p>
 <h2 class="wp-block-heading" id="strong-bitcoin-btc-price-prediction-strong"><strong>Bitcoin (BTC) price prediction</strong></h2>
 <p>DigitalCoinPrice anticipates an optimistic Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> forecast for the coming years. Their BTC forecast for 2023 suggests a significant rise in Bitcoin’s value, estimating it to reach around $74,086.&nbsp;</p>
 <p>Looking ahead to 2024, the BTC price prediction by DigitalCoinPrice becomes even more promising, with an expectation of Bitcoin’s price climbing to approximately $90,228.&nbsp;</p>
 <p>On the other hand, CoinCodex offers a near-term Bitcoin price prediction that is a bit more conservative.&nbsp;</p>
 <p>As per their forecast, by Nov. 29, Bitcoin is anticipated to be valued at about $54,343. This BTC price prediction, while lower than DigitalCoinPrice’s, still reflects a positive outlook for Bitcoin in the short term.</p>
 <p>It’s crucial to approach these Bitcoin <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> predictions with caution, keeping in mind the volatile nature of the cryptocurrency market.&nbsp;</p>
 <p>Remember, investing in cryptocurrencies like Bitcoin should always be done judiciously, never exceeding what one can afford to lose.</p>
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Will Bitcoin price make a new all-time high in 2023? Prediction and analysis

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