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

FXOpen

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.

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*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.

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