Binance’s legal proceedings and Bitcoin spot ETF flow could trigger an uptrend for Bitcoin (BTC).
The crypto market may be at a crossroads due to the recent events. Binance was on the agenda in a sensational way the other day. Binance and the US Department of Justice (DOJ) reportedly reached a settlement. As a result of this settlement, Binance agreed to settle the money laundering charges and pay a penalty of $4.3 billion. Binance CEO CZ also resigned from his position and paid a bail of 175 million dollars.
On November 20, BlackRock met with the SEC regarding the Bitcoin spot ETF. These days, as preparations for Bitcoin spot ETFs continue, the resolution of the Binance issue has been interpreted positively. Additionally, BTC approached the main resistance, rising to $37,850 thousand in the past day.
Bitcoin (BTC) may test $38,000 soon
Conditions in the crypto market remain positive. Although the Binance agenda caused great shock, it was interpreted positively in the long term. Binance finally reached an agreement with the USA and CZ took responsibility and resigned, which turned everyone’s attention to BTC. On the other hand, the fact that Bitcoin spot ETF approval could come at any time reinforced the bullish expectation.
Binance’s high market dominance in the crypto market may pave the way for BTC ETFs after reconciliation with the USA. ETF approvals may come one after another in the USA. Therefore, BTC did not break its positive price structure.
Looking at the BTC chart, the $38,000 resistance may be tested again with the effect of possible positive news flows. If there is no rejection at $38,000, where there will be great selling pressure, a severe breakout will occur. In this case, BTC could quickly surpass $38,000. BTC’s permanence above $ 38,000 may enable the next resistance point, $ 39,913, to be tested. $39,913 is known as one of the major resistance points. Breaking this zone could push BTC towards the psychological price zone of $40,000. However, BTC may face a sharp sell-off at $40,000 and pull back. When BTC approaches $40,000, a breakout may occur if there is a major news flow such as ETF news. This zone can be tested in direct relation to market conditions.
On the other hand, BTC may decline if market conditions change. A decline in BTC may lead to a test of the support point at $36,863. If $38,863, which still has the potential to attract more buyers, is broken, the price may drop to $35,958 in a short time. Other support points of BTC will be $ 35,250 and $ 34,000.
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