- Bitcoin price is holding thinly above critical support at $36,788, shy of $38,000 despite broader market optimism.
- BTC could drop below the $33,000 level with analysts anticipating double-digital losses for the king of crypto.
- Invalidation of the bullish thesis will occur once the people’s crypto decisively clears the $37,980 range high and tests $40,000.
Bitcoin (BTC) price remains northbound from a glance, but a close look reveals a correction could be underway. It comes amid waning momentum, but BTC holders will not relent and continue to cling to any straw of grass to delay what could be inevitable.
Also Read: Bitcoin Weekly Forecast: ETF delay and weekly swing failure could crash BTC to $30,000
Spanish bank Santander introduces Bitcoin trading for Swiss clients
Bitcoin (BTC) remains a hot topic on social media site X despite the US Securities & Exchange Commission (SEC) missing its eight-day window to approve spot BTC exchange-traded funds (ETFs). Instead, a new narrative for the delays has arrived, pointing to the financial regulator’s preference that the ETFs do cash creates rather than crypto and is reportedly engaging with exchanges.
Cash creates makes sense IMO bc broker dealers can’t deal in bitcoin so doing cash creates puts onus on issuers to transact in bitcoin and keeps broker dealers from having to use unregistered subsidiaries or third party firms to deal w the btc. Less limitations for them overall
— Eric Balchunas (@EricBalchunas) November 17, 2023
Nevertheless, the ETF narrative has been downplayed, with big moves by institutional players now driving the market. In the latest, Spanish bank Santander has introduced Bitcoin trading for its customers in Switzerland.
Santander Private Bank Introduces Bitcoin, Ethereum Trading for Clients in Switzerland
— Farron Su (@FarronSu63638) November 20, 2023
Santander Private Banking International is offering buy, sell and hold services with bitcoin and ether to clients with accounts in Switzerland.
CORRECTION (Nov. 20, 10:02 UTC): Corrects… pic.twitter.com/tVaz6A3XMv
The service is available even to customers outside Switzerland, provided they have accounts in the country. The service is provided only upon client request through relationship managers, with the assets being held in a regulated custody model where the bank stores the private cryptographic keys in a secure environment.
It is worth mentioning that the move is bold, considering that most big banks prefer to be twiddling around with tokenization and tend to avoid exposure to open-access blockchains and the cryptocurrencies that run on them.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
Bitcoin Price uptrend threatened as BTC holders cling to any signal
Bitcoin price is holding thinly above critical support at $36,788 after a foray into the supply zone extending from $36,276 to $37,301. For a continued uptrend, the price must decisively move above this level and clear the $37,972 resistance level.
Until then, the upside potential for Bitcoin price remains under threat, with the Relative Strength Index (RSI) flattened out. The Awesome Oscillator (AO) is also supporting the gloomy outlook, with its histogram bars taking on a red feel and edging toward the midline. If this goes on, the AO could soon flip negative.
Increased selling pressure could see Bitcoin price flip below the $36,788 support level and potentially fall below the ascending trendline to test the $35,410 support level. In a dire case, the slump could extend to the $34,000 psychological level, while BTC collects the buy-side liquidity (BSL on the chart) residing underneath.
However, to confirm a prolonged downtrend Bitcoin price must break and close below the $30,824 midline of the supply zone (now serving as a bullish breaker) extending from $30,126 to $31,524. If this level fails to hold as support, BTC could slide all the way to $29,753.
BTC/USDT 1-day chart
On the flipside, increased buying pressure could see Bitcoin price clear the $37,972 local top to test the $37,972 range high. In a highly bullish case, the gains could extend for BTC to test the $40,000 psychological level, almost 10% above the current price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.