Bitcoin outlook to recover before Luna incident

The outlook for Bitcoin is getting brighter. It’s been quietly making history under the radar. The price reached a new high in 552 days, surpassing the pre-Luna level of $36,000, which was also a hot topic in the local market. Even taking into account the impact of external factors such as currency exchange rates, Bitcoin’s rise is remarkable.

a bitcoin sitting on top of a pile of gold nuggets

Recent market trends

As of November 9, Bitcoin is trading at $36,650, up 2.16% from 9 a.m.. That’s a big change from the $35,000 range it’s been in since the 23rd of last month. The altcoin market is reacting to this. Major altcoins like Ethereum, Solana, Ripple, and others are also riding Bitcoin’s coattails.

In particular, news of Grayscale Investments’ Bitcoin spot ETF has generated a lot of interest among investors. The news that Grayscale has begun discussions with the U.S. Securities and Exchange Commission (SEC) is sending a positive signal to the market.

In the domestic market, WeMade’s kimchi coin, WeMix, was listed in KRW on Gopax after Coinone, setting a new trend. This could be a positive turning point after the last delisting.

Market analytics data?

Bitcoin holdings on global crypto exchanges have remained stable, according to blockchain data analytics firm Cryptoquant, while US buying sentiment can be seen through the Coinbase premium. The kimchi premium in the South Korean market is 1.8%, representing the difference between the recent rise in the price of Bitcoin due to the weakening of the dollar and the gains in the domestic market.

Finally, the open interest in the futures market is rising, which foreshadows a lot of volatility in the market, both up and down. This data can be an important signal to investors.

The latest market data can fluctuate in real-time, so please refer to Coinmarketcapfor the most up-to-date information.

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