Bitcoin
During the week from November 3 to November 10, Bitcoin grew by 5.83% – it managed to rise above $37,500. Thus, the largest cryptocurrency by capitalization showed an 18-month high: the last time its price was at this level was in May 2022.
Source: tradingview.com
Another surge in enthusiasm is associated with the opening of a window on November 9, during which the US Securities and Exchange Commission (SEC) could approve spot Bitcoin ETFs. The session will last until November 17. If no specifics are received from the regulator again, then the next date for consideration will be January 10, 2024.
A number of experts have already spoken on this matter. For example, Bloomberg Intelligence analyst James Seyffart stated on social network X (Twitter):
“New research note from me for today. We still believe there is a 90% chance of Bitcoin ETF approval by January 10th. But if this happens earlier, then there will come a period when everyone who submitted applications can receive approval.”
The growth this week, as well as the decline in Tesla shares, allowed Bitcoin to be on the threshold of the top ten in terms of capitalization among all global assets: as of November 10, 2023 BTC takes 11th place with $718.28 billion.
Interestingly, the increase in the value of Bitcoin was accompanied by an increase in transaction fees. So, on November 9, 2023, they amounted to $15,865. The last time commissions reached such levels was in early May 2023. At the same time, compared to the minimum of August 2023, current indicators have increased by more than 24.5 times.
Source: bitinfocharts.com
From a technical analysis point of view, a bullish trend has formed in Bitcoin. The price is above the 200-week moving average (indicated in blue). The fact that the RSI indicator is in the overbought zone should not confuse traders. Firstly, it has been there for three weeks already, and BTC continues to grow all this time. Secondly, RSI signals should be treated with skepticism in trending markets. The short-term nearest resistance level is around $38,000. If it can be overcome, a direct road to $48,000 will open. The support level is around $33,400.
Source: tradingview.com
Index fear and greed compared to last week, it has increased by 5 points and now stands at 70. This still suggests that greed prevails over fear in Bitcoin.
Ethereum
In seven days, ether grew by 15.56%. At its peak, the price reached $2,136.5, which is a seven-month high for the coin. Only two trading sessions this week were negative. Almost all of the growth occurred on November 9, when Ether rose in price by 12.28%.
Source: tradingview.com
The growth of the second cryptocurrency by capitalization is not least due to the intention of the American giant BlackRock to launch an ETF on ETH. The company previously applied for approval for a spot Bitcoin exchange-traded fund, and now it is expanding its expansion into the crypto industry. This information appeared in documents of the NASDAQ exchange, where BlackRock plans to list its ETF for ether.
President of the financial company The ETF Store Nate Geraci expressed confidence that BlackRock will succeed in its endeavors:
“Key language in Nasdaq/iShares Ether ETF bid. Grayscale’s victory in court and the SEC’s approval of the Ether Futures ETF should be equivalent to the approval of the Ether Spot ETF.”
Another positive thing for Ethereum is that it has become deflationary again. In other words, at the moment, more ETH is being burned than put into circulation. This is evidenced by data from the ultrasound.money portal.
Source: ultrasound.money
From the perspective of technical analysis, Ethereum, like Bitcoin, is in an upward trend. This is naturally confirmed by technical indicators: RSI is 81.46, the price is above the 200-day moving average (indicated in blue). Ethereum has now approached the resistance level, which is also the 2023 high of $2,140. After overcoming it, an increase to $3,600 is quite possible. The support level is around $2,000.
Source: tradingview.com
Polygon
During the period from November 3 to November 10, Polygon grew by almost 23%, showing better dynamics than the flagships of the crypto industry: Bitcoin and Ethereum. This was achieved due to the fact that six out of seven trading sessions were in the black. This allowed the coin to show a four-month high.
Source: tradingview.com
This dynamic is most likely due to the actions of major players. In any case, this is the position taken by the specialists of the analytical portal Santiment. In a post on the official platform account in X it says:
“Altcoins continue to hit key targets, and Polygon rose to $0.8 and increased its market capitalization by 54% in three weeks. And in the last two weeks, key wallets holding between 100,000 and one million MATIC have supported this by accumulating tokens.”
Polygon, like Bitcoin and Ethereum, is now in a bullish trend. This is confirmed by the fact that the price is above the 200-day moving average (indicated in blue). In addition, investors cannot help but be pleased by the fact that volatility has also increased since October, when the value of MATIC began to rise. This fact is supported by the growth of the ATR indicator. The nearest two resistance levels for Polygon will be $0.86 and $0.89. The support level is around $0.665.
Source: tradingview.com
Thus, cryptocurrencies entered a bullish trend. The main catalysts for this remain news about spot ETFs for Bitcoin and Ethereum. Polygon is growing due to unprecedented support from large players (whales), who continue to accumulate MATIC.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
