Bitcoin ETF excitement returns as BTC price nears $37K
Bitcoin's price has surged to new 18-month highs, catching many market participants off-guard with the strength of the fresh rally.
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The price of Bitcoin (BTC) approached $37,000 on November 9, surprising many traders with a fresh surge. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $36,000 after the daily close and reaching $36,864 on Bitstamp, marking its highest level since early May 2022.
Concerns about bid liquidity decreasing and the possibility of a retest of $34,000 had been present among market participants, but the upside entered during U.S. trading hours. Some analysts pointed out that this is the most bullish the U.S. has been on Bitcoin since early 2022. Speculation arose that the renewed bullish tone could be tied to a potential approval of a U.S. Bitcoin spot price exchange-traded fund (ETF). Although not expected until 2024, November 9 marked the beginning of the period when regulators could theoretically make the long-awaited announcement.
Analysts, such as James Seyffart from Bloomberg Intelligence, believe there is a 90% chance of spot Bitcoin ETF approvals by January 10. The anticipation of a decision and Bitcoin's trading behavior led some to think that an ETF decision might be imminent.
Overall, the unexpected surge in Bitcoin's price caught many by surprise, with on-chain monitoring resources like Material Indicators revealing that the overnight gains had invalidated signals on two proprietary trading tools. Traders and analysts closely watched the market dynamics and speculated about the potential factors contributing to Bitcoin's recent price movements.
