Binance Events and Twitter Accounts Fuel Bitcoin ETF Hype as BTC Price Nears $38K

Bitcoin (BTC) made a push towards $38,000 on Nov. 23, as investors were reassured by Binance’s $4.3 billion fine.

Cryptocurrency has become an increasingly popular form of money laundering and crypto twitter accounts have become a hub for legal events and news related to the top crypto coins. With the crypto market on Twitter continuing to grow, investors have become more confident in the future of the crypto market.

Bitcoin analysis: “Something is cooking”

Cointelegraph Markets Pro and TradingView data revealed a remarkable recovery in BTC price, reaching $37,870.

Afterwards, the market stabilized at around $37,500, which was a stark contrast to the previous day.

Subsequently, news of potential US legal action against crypto exchange Binance caused a series of liquidations, eventually bottoming out at one-week lows.

The subsequent bounce was equally impressive, and caught some crypto traders off guard.

“BTC — some thick buy walls over on the spot Binance market,” Ninja commented on X (formerly Twitter).

The narrative of a possible US-approved Bitcoin spot price ETF is gaining traction, with the approval potentially happening in less than 50 days.

Analyzing the situation, Pentoshi suggested that the ETF could bring the necessary demand for BTC price upside.

He added that the approval would lead to “substantial multi decades of tradfi allocation” regardless of price action.

Samson Mow, CEO of Bitcoin adoption firm Jan3, stated that some Bitcoiners don’t think Bitcoin can reach $1,000,000 after ETF money starts to flow in. He said they are in for a pleasant surprise.

RSI “reset” boosts short-term bullish thesis

Observing the potential for an increase, Cold Blooded Shiller, a social media commentator, was among those who were optimistic about relative strength index (RSI) values.

These had been reset to weekly lows, according to him, providing a path for another surge.

This was the case not only for Bitcoin but also for Ether (ETH) and some other major altcoins.

“The reason this is so important is that usually when the RSI is in this position it’s the basis for a fresh crypto money position,” he wrote in part of the accompanying commentary.