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Cryptocurrency trader and analyst Ali Martinez, known in the cryptocurrency community on social media app 36,400, BTC may not stay there and fall downwards. .
The analyst believes that if Bitcoin falls from there, it could reach the $34,300 and $30,200 levels, which are the next major demand zones for the world’s flagship digital currency.
These levels, including the current support at $36,400, have significant BTC demand pools around them – the “UTXO Realized Price Distribution” (URPD) indicator readings are high here, indicating that many investors, including financial institutions, They have purchased large amounts of BTC. at these price levels.
Bitcoin ETF Approval Hope Keeps BTC High So Far
Bitcoin has managed to reach the current level of $36,714 as the cryptocurrency market’s hopes continue to rise that the SEC will approve at least one Bitcoin spot ETF filing this month.
The “short window” during which the SEC can approve Bitcoin ETFs will close on November 17, and if at least one of those filings from financial institutions, such as BlackRock, Fidelity, VanEck or Ark Investments, is approved, this may become Many experts believe that it is a crucial point not only for the price of Bitcoin but for the entire cryptocurrency market.
Currently, the SEC regulator has about a dozen BTC spot ETF filings on its desk to consider, and most experts and market players are betting that BlackRock’s filing will likely be the first to get approval. this year.
BlackRock has also been laying the groundwork to launch an Ethereum ETF and has dismissed rumors about its plans to seek approval for an XRP-based exchange-traded fund.
Risks of disruption to the SEC’s work this year
BlackRock is the world’s largest fund management company, headed by CEO Larry Fink, with a whopping $9.4 trillion in assets under management.
However, given that the US government is currently at high risk of temporarily shutting down due to political headwinds, the likelihood of the SEC issuing a Bitcoin ETF approval may decrease significantly.
Bitcoin price turbulence
Last week, between November 7 and 9, Bitcoin saw a massive surge, rising over 9% and adding almost $1,200 in value. That was when BTC reached the $37,903 level. Since then, however, digital gold has seen a 5.66% drop followed by a series of ups and downs within the $37,400 range.
At the time of writing, BTC is changing hands at $26,670 after a 1.13% price growth seen in the past few hours.
