The ongoing dispute between the US Department of Justice and Binance is attracting attention as Bitcoin tries to hold at the $38,000 level. Prior to the closing hours of the week, investors’ optimism towards Bitcoin spot ETF applications increased, and Bitcoin is currently trading at $37,204.
According to data from TradingView, Bitcoin is experiencing a period of horizontal movement with no volatility as it approaches the weekly close. After reaching the highest levels in 18 months in the Bitcoin market recently, some investors have pointed out significant developments indicating that the crypto king’s upward movement will continue.
The rise of Bitcoin seems to be ready for the future. It is supported by closely monitored open interest (OI) data in the futures market and stable spot buying orders. A prominent figure commented, “Overall, due to the lack of open interest, these corrections here can be more shallow than expected, and unless there are dramatic changes in point flows due to the open spot demand we have seen at these levels, we do not expect significant volatility in both directions.”
Market analyst Titan of Crypto is another analyst who shares positive thoughts about the future price of Bitcoin. In an analysis using Ichimoku Cloud data, it was revealed that the breaking of key resistances on the weekly chart of Bitcoin is a rare event. It was concluded that it is very promising for future growth as Tenkan-sen and Kijun-sen indicate the current upward trend.
“Consider the candles of the last two weeks in terms of price movement. The wicks show that the bears have retreated. Momentum has increased, and the next resistance is at $39,300,” commented the analyst, expressing an optimistic view on Bitcoin’s rise.