Rally

Bitcoin

Grayscale Bitcoin Trust

<ul>
 <li><strong>Bitcoin surged to $38,544, a height never seen since May 2022.</strong></li>
 <li><strong>SEC meets Grayscale and BlackRock; discussions fuel Bitcoin’s upward trajectory.</strong></li>
</ul>
<p>Bitcoin, the dominant force in the cryptocurrency realm, has ignited fervent conversations within the community during this holiday season. Its recent climb to $38,544 marks a monumental high not witnessed since May 5, 2022, a staggering 18-month gap. The surge follows a turbulent two-day period that saw Bitcoin dip below $35,780 before its remarkable ascent. Presently, it stands at $37,809, boasting a 1% uptick in the last 24 hours.</p>
<p>Moreover, the escalating investor <a href="https://thenewscrypto.com/jim-cramer-recommends-investing-in-bitcoin-amidst-mixed-market-signals/" rel="noopener noreferrer nofollow">confidence</a> in Bitcoin is evident in the remarkable surge in trading volume, which catapulted by an impressive 67% within the same 24-hour period.</p>
<p>Meanwhile, this surge aligns with pivotal discussions held by the Securities and Exchange Commission (SEC) with key investment managers regarding their applications for a spot Bitcoin exchange-traded fund (ETF). Recent meetings included talks with Grayscale and BlackRock representatives on November 20.</p>
<p>Grayscale sought a rule change for listing the Grayscale Bitcoin Trust and struck an agreement with BNY Mellon as a service provider. Meanwhile, BlackRock detailed potential models for its iShares Bitcoin Trust, outlining in-kind or in-cash redemption possibilities.</p>
<p>Further adding to the momentum, leading crypto data aggregators disclosed that the top 100 largest Tether addresses collectively accumulated $1.67 billion over six months. This substantial increase in whale-level USDT buying power suggests a possible impending surge beyond $40,000 for Bitcoin.</p>
<h3 class="wp-block-heading" id="h-bitcoin-bull-rally-to-40k">Bitcoin Bull Rally to $40K?</h3>
<p>Amidst the flurry of positive indicators, in-depth analysis of Bitcoin’s price trends unveils a nuanced scenario. The daily chart hints at a vulnerable <a href="https://thenewscrypto.com/bitcoin-bulls-eye-38000-breakthrough-as-price-gains-momentum/" rel="noopener noreferrer nofollow">bullish</a> trend, with the 9-day exponential moving average (EMA) currently positioned at $37187, above the trading price.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-25_12-05-30-1024x458.png" alt="" class="wp-image-86348" srcset="https://thenewscrypto.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-25_12-05-30-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-25_12-05-30-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-25_12-05-30-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-25_12-05-30.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Price Chart, Source: TradingView
  </figcaption>
 </figure>
</div>
<p>Yet, the daily relative strength index (RSI) portrays a nearly overbought condition, steadying at 62. Looking ahead, projections suggest a prospective rally aiming for the $40,300 mark if BTC manages to breach the crucial $38600 threshold. Conversely, a downturn below the $36,440 level might test the support line at $32,792, painting a contrasting narrative amid the current bullish sentiments.</p>

Bitcoin Records New 18 Month High, $40K Target Next?

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