Bitcoin price surpassed $36,800 on the market. Local bullish trend continues. There is a possibility that the Bitcoin rate will continue to rise.
Investors remain optimistic as chances for spot Bitcoin ETFs to be approved soon are increasing. According to Bloomberg analysts James Seyffarth and Eric Balchunas, starting today, the SEC has a “window” to approve all 12 applications for registration of Bitcoin ETFs.
Bitcoin rate exceeded $36,800 on the market
At the time of writing, the Bitcoin price has already exceeded $36,800. It may soon test the level even higher, and market bulls will try to push the price of digital gold close to $37,000.
The rising 20-day exponential moving average ($33,612) and relative strength index (RSI) in overbought territory indicate the path of least resistance is up. If buyers push the price above the channel, it could clear the way for a rally to $40,000.
On the contrary, if the price turns down and falls below the 20-day EMA, it will mean that the bulls are taking profits. The BTC/USDT pair could then fall to $34,400 and eventually to $34,000.
Transaction fees on the Bitcoin network rose to their highest level since May 2023. The average Bitcoin transaction fee reached $6.84 on Wednesday, up nearly 1,000% from August lows of around $0.64, according to BitInfoCharts.
Higher transaction fees are also a positive sign for BTC's utility and activity.
The Bitcoin Options Market Continues to Show Subtle Changes in Sentiment Since Early November. There was a modest increase in call open interest to $10.40 billion and put open interest to $4.63 billion.. The upward trajectory has continued since October, its pace indicating optimism among traders.
Author: Vadim Gruzdev, analyst at Freedman Сlub Crypto News