BTC/USD Analysis: Bulls Preparing New Assault on 37,500 Level?


The news backdrop for the cryptocurrency market continues to focus on the approval of a Bitcoin ETF, which already seems inevitable. At the same time, some of the funds that filed applications with the SEC have already even shared the amount of commissions that will apply to clients who wish to invest in bitcoin through ETFs. Thus, Ark and 21Shares plan to charge a commission of 0.8% for a spot bitcoin ETF. If the SEC approves all applications at once, the size of the commissions will influence the choice of investors.

That is, the funds are already competing, although the applications have not yet been approved.

Meanwhile, the SEC itself has once again demonstrated its critical attitude towards the cryptocurrency industry, accusing the Kraken exchange of operating as an unregistered securities exchange. But this has a small impact on the sentiment of cryptocurrency market participants, which continues to remain more positive.

The BTC/USD chart shows that the price of Bitcoin has risen again to the key level of USD 37,500 per coin. We wrote about how bears are aggressively defending this level in the Bitcoin price analysis for November 17th.

As of November 21:
→ Bitcoin price continues to fluctuate in an ascending channel (shown in blue);
→ an increase in the degree of optimism among market participants confirms the rally of recent days (shown by purple lines);
→ this rally encountered resistance (expected) around the level of 37,500.

The bulls are not giving up, if they manage to break through the 37,500 level (for example, against the backdrop of some news confirming the imminent approval of applications for a bitcoin ETF), then it may begin to act as support on the way for the price to the psychological mark of 40k.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022 Bitcoin Price Bullish after Halving-2024 ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving

Latest articles


Coinbase (COIN) Stock Price Holds at Key Support Level

On Thursday, stock market traders were concerned about the sharp drop in Coinbase shares, listed on the Nasdaq, which fell by 9%. This was triggered by rumours that the Chicago-based CME Group is planning to launch cryptocurrency trading, posing a

What Is the Gold/Silver Ratio, and How Do Traders Use It?
Trader’s Tools

What Is the Gold/Silver Ratio, and How Do Traders Use It?

The gold/silver ratio, which measures the relative value of these two precious metals, is a vital tool for commodity traders. Understanding this relationship helps identify market trends and trading opportunities. This article explores how to calculate, analyse, and trade

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P500, US Dollar, Gold Price, PEP Stocks

Get he latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Read the latest news

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.