The market saw crypto token prices bouncing back from a stagnant period, led by Bitcoin’s surge, which moved past $36,000 easily in the last 24 hours.
Bitcoin broke from its range-bound movements of the last few days and rose above $36,000 in the early hours of November 9. The latest move has revised Bitcoin’s resistance levels to $37,000 currently, while its support could have formed at $35,000. Since volatility has increased in the crypto market considerably, signs of consolidation could emerge soon. BTC could form fresh support levels at $37,000 if traders don’t book profits by the weekend. Crypto token prices have also increased with Bitcoin’s jump.
Bitcoin’s resistance was hovering at $35,000 for days in early November. A few factors could have worked in the crypto market’s benefit. Firstly, the market is rife with possibilities of US regulators approving the crypto ETFs soon. A few Bloomberg analysts revised estimates for the ETFs, expecting a fast approval. They released a research note on the same, explaining their predictions.
Optimism in the crypto market has spiked with such opinions from experts and analysts. Secondly, crypto regulation across countries has also seen steady progress recently. With all such reasons factoring in to boost the market, Bitcoin and other crypto tokens are poised for a long-term rally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $36,500 on November 9, 2023, with BTC/USD trading higher by a margin of 4.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (32,744.35), as BTC’s 24-hour volume was at around $22 billion. The crypto market cap increased by over 3% to touch $1.37 trillion.
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