Can Bitcoin keep 34k level in November 2023

The price of Bitcoin surged to $35,280 fueled by positive sentiment regarding the potential approval of a Bitcoin ETF.

Officially tasked with evaluating Grayscale’s proposal for a direct Bitcoin ETF, the SEC is in the process of reviewing the application.

According to SEC Commissioner Hester Pearce, approval for the Bitcoin ETF should have been granted as early as five years ago.

Following the upward surge, Bitcoin’s price stabilized, remaining within the range of $33,000 and $35,000.

The latest U.S. Personal Consumption Expenditures (PCE) index indicated a rapid monthly increase in consumer price expenditures, marking the highest pace since May. However, the annual PCE experienced a slight decline in September, reigniting worries about elevated interest rates.

  • Failin to exceed $35k, Bitcoin could face a potential downturn, with the first level of support at $34,200 and the 100-hourly SMA.

  • The primary support area is approximately $34k.

  • Additional thresholds at $33,350 and $32k.

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Binance is holding a large portion of BTC, but the largest inflow is Next bull run, I guess could be the market leader as the transition.