volatile for a while Bitcoin (BTC), rallied as a result of increased corporate interest and broke an all-time high. After this rise, BTC, which went down from the trends and consolidated for a while, is expected to move towards where it will now move after moving towards record levels again.
Bitcoin Futures Exchange Traded Fund (ETF) approval and market entry is still seen as one of the most important driving forces at the moment. The market experienced a sharp rise after this news and calmed down soon after, but things went as expected again and buying pressure returned.
BTC rose again towards the $ 68,000 levels and sought a new price, but it did not immediately catch the momentum it wanted and retreated a little. If the price continues in this way and fails to rise, first the $65,000 level and then the $63,000 level could be important support levels.
Arcane Research According to a recent report by BTC, November 14 seems to be an important date for BTC. On November 14, the U.S. Securities and Exchange Commission (SEC) VanEck Spot Bitcoin ETF awaiting a decision.
Unlike the Chicago Mercantile Exchange (CME)-based Bitcoin ETF, a spot investment product can be a greater catalyst for institutional adoption. Experts claim that the spot market will offer consumers better trading rates and a more efficient product. Arcane Research noted in its report:
“Expectations regarding the SEC decision may be the main reason for Bitcoin’s strength in recent days, with investors looking ahead for the answer and causing BTC to soar to all-time highs these weeks.”
Despite expectations, the VanEck ETF may be rejected. SEC Chairman Gary Gensler is known to be inclined to halt all BTC spot offers as he believes it will lack consumer protection mechanisms.
“ETF” Is Not The Only Force Strengthening The Price!
BitBankcrypto market analyst Yuva HasegawaAccording to Bitcoin, while consolidating around $60,000, its dominance of the markets decreased. This resulted in altcoin markets outperforming BTC, but if the uptrend continues, capital will soon return to BTC.
From a macro perspective, there is yet another reason to rekindle BTC’s rally, as the US will release its report on the CPI, a metric that measures inflation, this week. Expectation of higher inflation is driving Bitcoin as more institutional investors use it as a hedge against inflation. According to Hasegawa:
“From a macro perspective, this week’s US CPI report could raise market anxiety about inflation and indicate that it will rise above the expected inflation rate, which, given the strong correlations, could trigger another rise for BTC.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.