Nov.22-Nov.28(BTC)Weekly market recap
The U.S. Securities and Exchange Commission (SEC) published two memorandums on its official website, officially confirming discussions with BlackRock and Grayscale on matters related to the listing of Bitcoin ETFs. It is reported that a memo shows that the SEC has discussed with Grayscale on November 20, on the proposed rule changes for the listing and trading of the Grayscale Bitcoin ETF; another memo shows that on the same day, the SEC and BlackRock, the largest asset management company, also held a meeting to discuss proposed rule changes for the listing and trading of the iShares Bitcoin Trust ETF. This shows that the BTC ETF is being implemented as planned, and BlackRock and Grayscale are likely to be the first to pass. We can apply for BlackRock from the original schedule. The latest SEC statement date is January 15, 2024, which will be a very important day.
On the other hand, we can see that after Binance and CZ accepted the charges, BTC quickly recovered its previous decline and hit 38000 again. The market believes that this behavior is to help eliminate potential risks for BTC ETF.
We can see that after BTC reached 38000, the short positions did not immediately strengthen. BTC's correction was gentle. This shows that although the price is at a high level. But not many people are actively bearish on the market. And the trading volume is not obvious during the correction. Currently, BTC is gradually approaching EMA20. We maintain the original resistance level 38000 and support level 35000.
There is no long blue column on the WTA indicator at the daily level. However, we can find that after BTC entered the red zone, even if BTC rose, there was not a large number of whales participating. Perhaps the whales believed that the red zone was not suitable for blindness before the BTC ETF was updated. Not only whales, you can also find that the gray columns representing retail investors at the daily level are also gradually decreasing.
Without the support of whales, BTC is likely to continue to fluctuate this week.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
On the other hand, we can see that after Binance and CZ accepted the charges, BTC quickly recovered its previous decline and hit 38000 again. The market believes that this behavior is to help eliminate potential risks for BTC ETF.
We can see that after BTC reached 38000, the short positions did not immediately strengthen. BTC's correction was gentle. This shows that although the price is at a high level. But not many people are actively bearish on the market. And the trading volume is not obvious during the correction. Currently, BTC is gradually approaching EMA20. We maintain the original resistance level 38000 and support level 35000.
There is no long blue column on the WTA indicator at the daily level. However, we can find that after BTC entered the red zone, even if BTC rose, there was not a large number of whales participating. Perhaps the whales believed that the red zone was not suitable for blindness before the BTC ETF was updated. Not only whales, you can also find that the gray columns representing retail investors at the daily level are also gradually decreasing.
Without the support of whales, BTC is likely to continue to fluctuate this week.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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