Bitcoin (BTC) has seen a rapid recovery, reaching the $38,000 mark after dipping earlier this week. The BTC price movement has mirrored a pattern identical to that of the week before, hitting an 18-month peak and edging near the tough resistance level at $38,000.
As of now, BTC is hovering around $37,400, closely testing what market analysts consider a critical support zone to retain. According to Material Indicators, a monitoring resource, the current price area is crucial for deciding the potential continuation of a rise or a downturn.
BTC's swift rise came as United States regulators delayed the decision on the approval of several cryptocurrency exchange-traded funds (ETFs). This move sustained the existing uncertainty in the market, but didn't discourage bullish actions. Notably, Skew, a popular trader, along with others have remarked on this interesting market attitude.
Daan Crypto Trades, market analyst and trader, contends that the potential for BTC to maintain its current high level has strengthened, given the reduced open interest (OI) and funding rates compared to the highs from the previous week. Open interest remaining steady during BTC's bounce back suggests that the market carries a healthier base compared to last week when BTC reached similar price levels.
