Bitcoin Surges Past $34,000 in Record High for 2023
After a Monday morning rally that saw the price of Bitcoin shoot past $31,000, the largest cryptocurrency by market cap got a second wind hours later, surpassing $34,000 later in the day.
The new benchmark set a record high for 2023, reaching values not seen since last May. This surge triggered a torrent of BTC shorts, resulting in $114 million in liquidation in the last hour and a total of $145 million across crypto assets.
On leading crypto exchange Coinbase, BTC was trading at a premium closer to $35,000.
Anticipation Over Bitcoin Spot ETF Approval Drives Rallies
The pair of rallies to start the week are believed to be driven by building anticipation over the approval of Bitcoin spot ETF applications by the Securities and Exchange Commission (SEC).
A Washington, D.C. judge has ordered the SEC to take another look at Grayscale’s long-delayed spot Bitcoin ETF application after the agency failed to respond to an earlier court inquiry. Additionally, investment giant BlackRock has updated its own application, indicating it has begun the necessary steps to launch its Bitcoin spot ETF.
While these moves don’t guarantee approval, they suggest confidence that the SEC will eventually give the green light.
Market Resistance Thresholds Broken, Bullish Sign
Crypto analysts believe that both price spikes have broken market resistance thresholds at $31,000 and $34,000 respectively, which is seen as a bullish sign. This development is likely to disprove the “Bearish Bitcoin Fractal,” a pricing model that predicts a rally to record highs followed by a downside correction.
Hot Take: Bitcoin Continues to Surge Amidst Growing ETF Anticipation
The price of Bitcoin surged past $34,000, reaching a record high for 2023. This rally was triggered by growing anticipation over the approval of Bitcoin spot ETF applications by the SEC. The recent court order for the SEC to reevaluate Grayscale’s application and BlackRock’s update on their own application indicate confidence in future approval. These developments have also broken market resistance thresholds, signaling a bullish trend. As Bitcoin continues to gain momentum, crypto enthusiasts eagerly await the SEC’s decision on ETFs and its potential impact on the market.
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