Bitcoin declines at the beginning of the week and tries to consolidate at 37,000 as positive sentiment continues
Today's Cryptocurrenices analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com
November 13, 2023 (Investorideas.com Newswire) Bitcoin fell during the early morning hours today, reaching the $36,850 level at its maximum decline at around 6:30 a.m. GMT. Ethereum is also still trying to maintain the $2050 level. As for Solana, it also still maintains the bulk of its remarkable record gains near $58, after touching the $64 level last weekend.
It appears that the upward momentum in the crypto market is still present despite today's morning declines. After the huge liquidation of short positions, which we witnessed last Thursday, which exceeded $127 million according to data provided by CoinGlass, sellers seem to be more cautious in entering and pushing bitcoin to give up its gains, which in turn seems to have become more solid in keeping it.
While this high sentiment continues with continued optimism about the possibility of the Securities and Exchange Commission (SEC) approving the launch of spot Bitcoin ETFs.
Also notably, the discount to the Grayscale Bitcoin Trust's (GBTC) net asset value narrowed to around 10% on Friday, a new record low not seen since August 2021. This comes after the discount reached around 50% at the height of the late market declines last year.
This also coincided with the value of investors' open interests in bitcoin futures contracts reaching the highest levels since April of last year, with approximately $16 billion this morning, according to CoinGlass as well.
On the other hand, this very positive sentiment is actually based on the hope that the SEC will approve the launch of spot bitcoin ETFs, which is not inevitable and there is no telling when the SEC might approve (if it intends to approve) this. Therefore, these sharp rises may be very vulnerable to any negative news that has a fundamental impact on the markets.
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