Riding the wave of dovish comments from the Fed members and a weakening dollar, Bitcoin is once again trying to break through the key level of 38,000 USD. Additionally, surge is fueled by the recent Binance's settlement with the U.S. government. Previously, such a scenario was mentioned as one of the possible catalysts for another panic in the market. However, investors ultimately took Binance's settlement positively, as a partial resolution of the exchange's issues and an organization of matters in the U.S. market. Emotions are also heated by the approaching halving and progress in the process of introducing a spot ETF for Bitcoin.
Bitcoin is testing the upper limit of the recent upward channel at the 38,000 USD level. If the daily candle closes above this level, a new annual ATH will be established. In turn, bulls will pave the way for continued growth, with the next key zone at the 40,000 USD level.
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Source: xStation 5
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