Bitcoin

Resistance

<p style="text-align: justify">Remember the days when the price of <a href="http://en.coin-turk.com/the-correlation-between-bitcoin-and-long-term-bonds/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> couldn’t surpass the $36,000 resistance? Now, the same is happening for $38,000. While volumes are above $50 billion, investors looking to reduce their risks during high volatility continue to sell at resistance levels. This indicates that those chasing short-term gains are contributing to the suppression of the price. So, what will happen now?</p>
<h2 style="text-align: justify" id="will-cryptocurrencies-rise">Will Cryptocurrencies Rise?</h2>
<p style="text-align: justify">If Bitcoin fails to break the resistance, we may see a decline in altcoins, and the cumulative value may drop from $1.4 trillion to around $1.25 trillion. The main motivation for optimists is that we are now one step closer to ETF approval. Moreover, as we have shared several times a week, the updates in the ETF filings suggest that strong communication is ongoing, unlike the previous processes that resulted in rejections.</p>
<p style="text-align: justify">Some claim that the ETF approval will trigger the “buy the rumor, sell the news” event. Therefore, even if the ETF is approved, they do not expect a parabolic rise in the markets. However, there is a significant difference here. Bitcoin is not rising because of a partnership announcement with Google; the ETF approval means much more than a partnership news. With the ETF approval, the initial goal is to bring nearly $50 billion of liquidity into the markets. Can the “sell the news” logic really work with a demand of $50 billion and trillion-dollar asset managers using cold wallets (we can also call them the safes of Coinbase’s custody services) to convert BTC into dollars?</p>
<p style="text-align: justify"><img decoding="async" class="wp-image-280327 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/Spot-Bitcoin-ETF-2024.png" alt="" width="915" height="503"></p>
<p style="text-align: justify">The “buy the rumor, sell the news” motto is a strategy that works well in the crypto world, but this time the situation is different. The expected ETF approval news has already almost certainly arrived. What is expected here is the pumping of liquidity into the markets with institutional demand accompanying the approval. Who will sell when institutions buy Bitcoin and the exchange supplies shrink due to the structure of spot ETF? Those who want to understand how significant $50 billion is for crypto should remember that <a href="http://en.coin-turk.com/what-will-happen-if-the-us-department-of-justice-files-a-lawsuit-against-binance/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>‘s cumulative reserves amount to approximately $65 billion.</p>
<h2 style="text-align: justify" id="crypto-experts-comments">Crypto Experts’ Comments</h2>
<p style="text-align: justify">Bitcoin Jack, an <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">analyst</a>, believes that ETF and Binance developments have not been successful enough in dominating the market. He might be partially right as we have not yet seen a breakout that would increase volatility.</p>
<blockquote>
 <p style="text-align: justify">“I was expecting the rumors about the resolution between Binance and the US to lead to more significant price increases than what the prices reflected (reasons: positive for ETF, less uncertainty if there is a solution). Over the past weeks, the general price increases have been on top of the headlines (except for Kraken, but most of them are recycled versions of the previous bullish language)”</p>
</blockquote>
<p style="text-align: justify">According to the analyst, investors are divided into two groups, with one group waiting for $42,000 and the other for $33,000.</p>
<div class="sorumluluk_reddi"><strong>Disclaimer:</strong> This article does not provide investment advice. Investors should be aware that cryptocurrency units have high volatility and therefore carry risks, and they should conduct their own research before making transactions.
</div> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-price-faces-resistance-at-38000-whats-next/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-price-faces-resistance-at-38000-whats-next/</a>

Bitcoin Price Faces Resistance at $38,000: What’s Next?

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