Bitcoin Price Surges Towards $38,000 Level
Bitcoin (BTC) made a strong move towards the $38,000 level as it rebounded from a recent dip in price. The cryptocurrency’s price action mirrored that of a week prior, with $38,000 acting as a key resistance level. Currently trading at around $37,400, BTC/USD is testing an essential support zone to hold its upward momentum.
Monitoring resource Material Indicators identified a potential long signal on one of its proprietary trading indicators, suggesting that the rally may not be over yet. However, the resource also stated that a dip below $35,375 would invalidate the trading signals.
The recent surge in Bitcoin price coincided with the extension of a decision by US regulators on whether to approve various crypto exchange-traded funds (ETFs). Speculation had been rife that a Bitcoin spot price-based ETF would be approved, but the delay has maintained the uncertainty in the market.
Trader and analyst Daan Crypto Trades noted that the current market composition is more favorable for Bitcoin’s upward trajectory. Open interest (OI) and funding rates are lower compared to previous peaks, indicating a healthier market base.
Please note that this article does not provide investment advice or recommendations. Investing in cryptocurrencies carries risks, and readers should conduct their own research before making any investment decisions.