Bitcoin Price Prediction as Bulls Try to Hold $37,000 Support – Here are Key BTC Levels to Watch
The Bitcoin (BTC) price, last trading in the $36,700s, continues to take a breather after breaking out to fresh yearly highs near $38,000 last week, as investors book profits ahead of the release of US Consumer Price Index (CPI) on Tuesday.
Risk sentiment in traditional financial markets has been bolstered in recent weeks, with US stocks rising and US bond yields generally falling in November on bets that recent weak US data will force the US Federal Reserve to end its interest rate tightening cycle, despite official from the US central bank continually warning in recent weeks that more hikes remain on the table.
That has meant macro has been an added tailwind for crypto assets in November, with the market already benefitting from optimism about expected near-term approvals of spot Bitcoin ETFs in the US, and on BlackRock’s plans to file for a spot Ethereum ETF.
Tuesday’s headline US CPI figures are expected to show a dip in YoY price rises to 3.3% from 3.7% in September and MoM price rises to just 0.1% from 0.4% which, if confirmed, should keep alive optimism that US inflation remains headed in the right direction.
That could keep macro as a tailwind for Bitcoin at a time when ETF optimism also remains strong, as evidenced by the Grayscale Bitcoin Trust (GBTC) discount to its net asset value (i.e. the spot value of its Bitcoin holdings) falling to its lowest level since 2021 around 10%, as per YCharts data.
News that high profile investor Cathie Woods’ ARK Invest sold over $6 million in GBTC should not be taken as a bearish sign for the market, but just the fact that Wood’s investment vehicle is booking profits after snapping up GBTC when its discount to actual BTC was close to 50% earlier this year.
As Bitcoin attempts to
