Bitcoin (BTC) Price Volatility Ahead As Open Interest Moves in the “Danger Zone”

Bitcoin seems to be currently under pressure as the BTC price is trading 1.17% down at $37,300 levels with a market cap of $729 billion. As the BTC price drops under $37,500 levels, more Bitcoin liquidations are likely to take place with a significant rise in the Open Interest (OI).

Timeline of Bitcoin

Rich Dad Poor Dad author Robert Kiyosaki has advised investors to get into bitcoin and ditch fiat money now “before it's too late,” reiterating that workers and savers in U.S. dollars are losers.

Major cryptocurrencies experienced mixed trading on Sunday evening following a crucial meeting between BlackRock Inc (NYSE:BLK), Nasdaq representatives, and the Securities and Exchange Commission (SEC). The meeting aimed to discuss the proposed rule regarding the listing of a spot Bitcoin exchange-traded fund (ETF).

Former NYSE President Tom Farley expects money to “flood” into the crypto industry when the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “It's just easier to buy. People believe in bitcoin,” he emphasized, adding that the cryptocurrency “is a great invention.

When it comes to Bitcoin (BTC), Berkshire Hathaway's Charlie Munger has got it wrong, according to crypto investor Dan Morehead. In a new letter to investors, Morehead responds to Munger's comments about Bitcoin in a recent interview with the Wall Street Journal.

Bitcoin has made headlines once again as it rallies amid the awaited approval of Bitcoin-spot exchange-traded funds by the United States Securities and Exchanges Commission (SEC). The SEC has been delaying approval of the ETFs, and the crypto community has taken the time to comment on the matter.

Bitcoin's price has shown positive movements to the upside, recording a resurgence of the crypto's market price in the past weeks. The fresh levels recorded an 18-month high, and experts predict a rally toward the $40,000 mark is imminent following the pending approvals of Bitcoin-spot exchange-traded funds (ETFs).

Global investment bank JPMorgan has cautioned that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) could “put severe downward pressure on bitcoin prices.

After a bullish run, BTC's momentum has stalled around the $38,000 resistance level, a critical point that has witnessed a confluence of selling pressure. The price action suggests that a short-term retracement may be on the horizon, with a potential fallback to the $35,000 support zone, according to recent analysis​​.

Transaction fees for Bitcoin have eased, following their surge to more than $18 per transaction on two separate occasions last week. As of November 24, 2023, the average fee per transaction stood at roughly $5.89, with the median fee per transfer being $2.86.

Bitcoin's price soared to $38,000 with many USDT holders showing bullish sentiment. Tether continued to showcase support for BTC, further strengthening the relationship between Bitcoin and USDT The post Bitcoin: How USDT whales can aid BTC in its move to $40K appeared first on AMBCrypto.