BitcoinBitcoin rallying half past its initial all-time high to levels above $35,000 has been met with a lot of enthusiasm as the crypto market awaits approval of ETFs that could drive its price even higher. Considering the macro-volatility triggers, it is yet to be known if this trend will continue as other cryptocurrencies are influenced by this market.
Major currencies have been showcasing bullish trend approval from various altcoins that saw the downside of ETH’s outperformance. Currently, BTC is riding levels close to $38,000, and its major influence on this is the macroeconomic data that has returned to the fore.
Bitcoin rally this week
The first-generation crypto has been on the charts as it rises to its highest level seen in the past 18 months. The excitement over this upward trend is linked to exchange-traded funds approval by the United States Securities and Exchanges Commission (SEC), which is currently in a grace period of possible checking of some of the ETFs by November 17.
In relation to market data and historical trends, similar conditions seen during its all-time high of $69,700 have also been witnessed. Based on the Crypto Fear & Greed Index, a similar scenario is anticipated as the price action on BTC is currently at $36,990 despite its peak of $37,000.
However, one question still remains: what triggers will affect the volatile crypto market in the coming days?
In light of external events that might affect this market movement, this week might bring favor to crypto investors and push crypto prices up. Among these external tries include the Consumer Price Index (CPI) which has the potential to shift trading activities across risky assets.
Additionally, officials from the Federal Reserve are also due to speak as the situation in the Middle East unfolds behind the scenes. Moreover, considering the institutional investors who are flooding the digital market, the future for Bitcoin remains on a bullish potential.
More importantly, events in the future could influence market movements, such as the next BTC halving next year and the approval of prospective exchange-traded funds. Grayscale, BlackRock, and VanEck, among other nine firms, have placed applications for their ETFs, and news on this has put the market in a frenzy. Grayscale Bitcoin Trust (GBTC) closes in on its net asset parity.
Crypto analysts expected a bull run rally
Is a significant retracement imminent? Well, it’s yet to be discovered as Bitcoin market makers try to stay the course. The volatility of the BTC price is to be catalyzed this week. However, funding rates have flushed a warning following its consolidation on November 12.
The Asia trading session saw the BTC/USD price falling below $37,000, according to TradingView data. This showed a firm range placed throughout the weekend, and news this week might shift market prices in either way.
Credible Crypto, a popular trader and crypto analyst, has closely monitored the situation and confirmed a change in market movement soon. Among the reasons behind this is the open interest (OI) that is currently at a multi-day high, which might also spark volatility.
The analyst posted on X commenting, “OI has ramped right back up off the lows, which means more positions to squeeze out,” part of an X post read.”
Credible Crypto also suggested a resistance level of $36,600 as a potential local low. He also mentioned that a potential further bull rally is imminent. The optimism behind the short-term market action is rooted in funding rates.
This was a positive move that was once witnessed during its all-time high in November 2021. However, this position places a disadvantage for long positions placed at its current level.
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