Price analysis 11/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC
Bitcoin traders are eager to establish the $36,000 level as a strong support, but there is uncertainty about whether failure to do so could trigger a broader market correction. The cryptocurrency recently approached $37,000, reaching its highest level since early May 2022. While concerns had initially focused on bid liquidity decreasing, potentially leading to a retest of $34,000, this scenario did not materialize, and the market saw an upside during U.S. trading hours. Some analysts view the current situation as the most bullish the U.S. has been on Bitcoin since early 2022, with U.S. buyers sustaining the rally. The renewed bullish sentiment is speculated to be linked to expectations of a potential U.S. Bitcoin spot price exchange-traded fund (ETF) approval. Although not expected until 2024, the period starting on Nov. 9 marks the window during which the announcement could theoretically be made. Bitcoin's price gains have exceeded forecasts, and there is speculation that the market is trading as if an ETF decision is imminent. Analysts believe there is a 90% chance of spot Bitcoin ETF approvals by Jan 10, with the possibility of approval orders for all current applicants occurring in a potential wave. Despite concerns about potential market-wide corrections, the overall uptrend remains intact for now, supported by higher lows on the 15-minute chart and healthy relative strength index (RSI) values. The market's reaction suggests a bullish tone, and Bitcoin's price action is being closely monitored for further developments.
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The Bitcoin rally faced resistance near $36,000, but traders have been cautious about booking profits. Glassnode's analysis reveals that Long-Term Holders, holding Bitcoin for at least 155 days, are at an all-time high, indicating strong supply, while Short-Term Holders, holding coins for less than 155 days, are near an all-time low, suggesting tightening Bitcoin supply.
Despite the positive long-term outlook, concerns arise for the short term. Bitcoin derivatives markets show a significant increase in open interest, exceeding $16 billion. Similar patterns in the past with open interest above $12.2 billion have resulted in a minimum dip of 20%.
While Bitcoin risks a decline in the short term, some traders are accumulating select altcoins. Altcoins have witnessed solid rallies, breaking out of long basing patterns, and showing signs of starting a new uptrend. The critical support levels for Bitcoin and the sustainability of the altcoin rally are closely monitored in the current market scenario.
