Bitcoin (BTC) circled a key level at the Nov. 16 Wall Street open after BTC copycat price action produced a fresh attack to $38,000.

BTC/USD 1-hour chart. Source: TradingView

BTC price matches 18-month highs

Data from Cointelegraph Markets Pro and TradingView showed a rapid turnaround for Bitcoin, reversing higher after a precipitous drop earlier in the week.

The daily chart therefore printed an almost identical pattern to that seen the previous week, with $38,000 still acting as firm resistance.

Now at around $37,400, BTC/USD was testing what analysts highlighted as an essential support zone to hold.

The materials indicator monitoring resource, which revealed a tentative buy signal in one of its proprietary trading indicators, said the current price zone held the difference between a further rise and an invalidation.

“Trend precognition indicates that this rally may not be over yet. $40,000 has been in focus, but there are certainly no guarantees that BTC can reach it this week. For me, a drop below $35,375 would invalidate #TradingSignals,” part of the comment on X (formerly Twitter) read.

The initial bullish push came as US regulators extended a delay in deciding whether or not to approve several cryptocurrency exchange-traded funds (ETFs).

Back in November there had been a flurry of rumors that a potential turning point for Bitcoin was about to arrive in the form of the country’s first ETF based on the country’s Bitcoin spot price.

While a delay preserved the uncertain status quo, markets had no time to pull back, a curious move that did not go unnoticed by popular trader Skew and others.

Open interest remains stable during BTC price recovery

Meanwhile, analyzing the market composition, trader and analyst Daan Crypto Trades argued that there were now more compelling arguments to hold higher.

Related: $48,000 is now “reasonable” BTC price target – Filbfilb by DecenTrader

This was due to lower open interest (OI) and funding rates compared to last week’s peaks.

“Although the price is at similar levels to last week, open interest is still considerably lower. Financing rates are also slightly lower,” he stated. wrote up to date.

“I think we have a better, healthier foundation now than when we were here last week.”

BTC/USD chart with OI, funding rates data. Source: Daan Crypto Trades/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.