June 16, 2024

The crypto market recorded a drawback in price movement due to Binance’s $4.3 billion fine. However, Bitcoin has redirected the price trend following an increasing hype on Bitcoin ETFs.

Subsequently, BTC value has moved close to the $38,000 price level following the increase in aggressive bids for its spot derivatives.

Bitcoin Price Rallies Across $37,000, Targeting The $38K Level

According to data from TradingView, Bitcoin has reflected resilience in its price pattern after some losses in the past few days. BTC price has reached $37,870 through a strong rebound while targeting the $38,000 region.

Later, the primary crypto asset slowed its movement close to $37,500, following different movements from the past day’s trend.

Recall that the overall crypto market seemed to be overwhelmed by the events surrounding the world’s largest crypto exchange, Binance. 

The US regulator’s legal action against Binance triggered liquidations of assets in long positions that stopped at one-week lows. On November 22, data from DefiLlama revealed the liquidation of up to $175 million worth of assets in long positions in the market.

Analysts Suggest More Bids For Bitcoin ETF Triggered BTC Price Rally

Bitcoin’s rebound created a surprising yet impressive attraction for many within the crypto space. The intensity sparked several reactions among observers and analysts in the industry.

Reacting to the trend, a prominent crypto trader, Ninja, posted on the X platform. He believed that something big regarding Bitcoin ETF was coming.

Ninja stated:

$BTC – some thick walls over on-the-spot Binance market. Have not seen such an aggressive bid for a while.

The circulating hype is centered on a potential US approval for a Bitcoin spot exchange-traded fund (ETF). Notably, the wrap-up process is expected to take less than 50 days. 

Moreover, the situation at the Binance exchange could lead to the first US approval of the overly-anticipated institutional investment product. Considering the trend of events, another crypto trader, Pentoshi, believed that increased Bitcoin ETF demand created a spike in BTC prices.

Additionally, Pentoshi stated that BTC ETF approval will mark “the beginning of substantial multi-decades of trade allocation.” Similarly, the CEO of JAN3, a Bitcoin adoption company, Samson Mow, threw in an overwhelming BTC price prediction.

Mow returned with a $1 million unit price for Bitcoin based on the new institutional fund inflows.

Mow mentioned:

It has come to my attention that there are some Bitcoiners that don’t think that Bitcoin can reach $1,000,000 in a matter of days/weeks after ETF money starts to flow in. They’re in for a pleasant surprise.

On his part, a social media commentator, Cold Blooded Shiller, was bullish over BTC’s relative strength index (RSI) values. The commentator noted that Bitcoin’s weekly lows triggered a reset for the RSI.

Subsequently, the path is clear for the token to create a significant spike soon. He noted that the trend is not just peculiar to Bitcoin. Rather, Ethereum and other prominent altcoins are following the pattern.

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