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Bitcoin ETF

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 Bitcoin ETF talk is accompanied by a snap return to the top of the recent BTC price trading range.
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 Bitcoin (BTC) took fresh aim at $38,000 into Nov. 23 as an “<a rel="noopener noreferrer nofollow" title="aggressive" href="https://thebittimes.com/tag/aggressive.html">aggressive</a> bid” dispelled cold feet over Binance’s $4.3 billion fine.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/23/5e1c456cac386ded1f42d0bde32fdd2c.webp">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
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 <h2 id="bitcoin-analysis-something-is-cooking">Bitcoin analysis: "Something is cooking"</h2>
 Data from Cointelegraph Markets Pro and TradingView showed BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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.
 <blockquote class="twitter-tweet">
 #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
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 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).
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 “Have not seen such an aggressive bid for a while. Something is cooking.”
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 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.
 <blockquote class="twitter-tweet">
 Grayscale updated their #Bitcoin ETF application! There is definitely something going on. pic.twitter.com/WbWcv7iN8a— Mister Crypto (@misterrcrypto) November 23, 2023
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 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.”
 <blockquote class="twitter-tweet">
 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
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 Continuing, Samson Mow, CEO of Bitcoin adoption firm JAN3, nonetheless brought back a $1 million Bitcoin unit <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> at the hands of the new institutional capital inflows.
 “It has come to my attention that there are some Bitcoiners that don’t think Bitcoin can reach $1,000,000 in a matter of days/weeks after ETF money starts to flow in. They’re in for a pleasant surprise,” he said.
 <h2 id="rsi-reset-boosts-short-term-bullish-thesis">RSI "reset" boosts short-term bullish thesis</h2>
 Eyeing the prospect of upside returning, social media commentator Cold Blooded Shiller was among those bullish on relative strength index (RSI) values.
 Related: BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a>s key profit mark to Bitcoin exchange users at $34.7K
 These had been “reset” by the trip to weekly lows, he concluded, paving the way for another impulse higher.
 This was the case not only for Bitcoin, but Ether (ETH) and some other major altcoins.
 “The reason this is so important is that usually when the RSI is in this position it's the basis for a fresh position,” he wrote in part of accompanying commentary.
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 “Strong trending markets tend to hold this level. Getting down towards that ‘cool off’ region indicates corrections are complete and trend resumes.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/11/23/665dd3acd338f445e9f2b7f5fe5b5618.webp">
 <figcaption style="text-align: center;">BTC/USD 1-day chart with RSI. Source: TradingView
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 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.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-etf-hype-returns-as-aggressive-bid-sends-btc-price-near-38k-tbt71339.html">https://thebittimes.com/bitcoin-etf-hype-returns-as-aggressive-bid-sends-btc-price-near-38k-tbt71339.html</a>

Bitcoin ETF hype returns as 'aggressive bid' sends BTC price near $38K

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