Crypto whale entities prompt a sense of repeating Bitcoin dominance, reminiscent of Q1 2023
Bitcoin has encountered a familiar battleground as it strives to reclaim 18-month highs, with whale entities dictating the price narrative. On November 21, BTC’s price momentum reached $37,770, signalling a potential rematch of previous highs. However, hovering around $37,400, Bitcoin in USD finds itself in a range that mirrors the market conditions of the second week of this month.
The Return of “Notorious B.I.D.”
Analyzing order book data, Material Indicators suggest a resemblance to Q1 2023. A significant liquidity provider, humorously named the “Notorious B.I.D.,” shaped the bid support once again. Bid liquidity has oscillated around $33,000 seven times in the last 30 days, indicating a strategic move by influential market players.
Market Sentiment and Forecast
The largest order class, involving transactions between $1 million and $10 million, stands as the only active cohort among whales, while others reduce their exposure. Analysts are divided on potential outcomes. Michaël van de Poppe remains optimistic, emphasizing Bitcoin profit at higher levels. However, caution is advised, with concerns about a possible bearish divergence if Bitcoin fails to surpass 18-month highs near $38,000.
Spot Bitcoin ETF: A Game-Changer on the Horizon?
A potential spot Bitcoin ETF approval could reshape the crypto landscape
Optimism about the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States keeps growing. Therefore, the crypto market experienced a bullish momentum. The impact of a spot Bitcoin ETF approval is poised to be significant, providing institutional investors a regulated entry point to Bitcoin.
Regulatory Landscape and Market Response
The US Securities and Exchange Commission (SEC), historically cautious about ETF approvals, faces new dynamics with the involvement of major players. A court ruling compelling the SEC to reevaluate previous rejections further elevates the chances of approval. The crypto community awaits a potential game-changer that could reshape the trajectory of digital assets.
Bitcoin Profit: Anticipation and Historical Context
Analysts speculate that a spot Bitcoin ETF approval could trigger a demand shock, coupled with the upcoming Bitcoin dominance in 2024, potentially initiating a new bullish market phase. The involvement of BlackRock, the world’s largest asset manager, in filing for a spot in Bitcoin ETF, adds a unique dimension to the current applications, increasing the likelihood of approval.