At the time of writing, Bitcoin is trading at $37,648, up 0.15% in the last 24 hours.
If the price manages to go above $38,000 then it will likely rally further to test $40,600.
The SEC, according to recent statements by Commissioner Hester Peirce, is no longer obligated to hold up the approving of ETFs for significant crypto entities. The crypto world has spent the whole year waiting for the U.S. SEC to greenlight spot ETFs.
Ark Invest, managed by CEO Cathie Wood, has drastically cut its Bitcoin exposure, dumping over 700,000 shares of Bitcoin Grayscale Trust (GBTC).
Cathie Wood maintained a very public and positive attitude on Bitcoin, predicting that its value would grow to above $1 million. Although the percentage of GBTC in the Ark Next Generation Internet ETF (ARKW) has decreased, it is still considerable.
Moreover, there are now 108,000 BTC in options with a value of $4.05 billion that will expire today, November 24th, setting the new put-call ratio at 0.83. A maximum of $33,000 has been established as the floor. This means that investors anticipate a rise in the price of Bitcoin once the contract expires.
Moreover, the put-call ratio of 0.72 on 1.2 million ETH options worth $2.48 billion is also about to expire and the maximum support is set at $1700.
One More Attempt by Bulls
At the time of writing, Bitcoin is trading at $37,648, up 0.15% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 34.17%. The bulls are desperately trying to break above $38,000 level, after making multiple failed attempts.
Source: CoinMarketCap
If the price manages to go above $38,000 then it will likely rally further to test $40,600 resistance level. However, if the price goes below $36,930 level, then it will likely test $36,410 support level.