In the past 24 hours, Bitcoin (BTC) has exceeded expectations by surging past the resistance zone of $31,000 and $32,000 to reach a high of $35,000. This unexpected rally, known as “Uptober” in pre-halving years, has caught the attention of the crypto world once again. Additionally, this surge led to the liquidation of approximately $310 million worth of Bitcoin short trades.
What Triggered the Bitcoin Price Surge
The Bitcoin price surge occurred during Tuesday’s early Japanese market hours and late New York trading session on Monday. Speculation about the potential approval of spot BTC Exchange-Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC) played a crucial role in driving market sentiment. There are indications on the Depository Trust and Clearing Corporation (DTCC) website that suggest Blackrock is preparing to launch its iShares Bitcoin Trust.
The early approval of spot Bitcoin ETFs in the United States could have a significant impact on the supply and demand dynamics of Bitcoin, especially with the halving event approximately 180 days away. The crypto community is closely watching this development as it could lead to a seismic shift in the market.
Bitcoin Price Action and Predictions
Bitcoin’s price has risen over 100 percent year-to-date (YTD), leading market experts to believe that the crypto winter is over and spring is on the horizon. According to crypto analyst Captain Faibik, if Bitcoin bulls can maintain their momentum and the weekly candle closes above $31,000, traders may expect a 30-40 percent increase in the coming weeks.
As Bitcoin continues to surprise the market with its resilience and upward momentum, investors and enthusiasts eagerly await the SEC’s decision on spot BTC ETFs and keep a close eye on Blackrock’s potential entry into the Bitcoin market through its iShares Bitcoin Trust.
Hot Take: Bitcoin Surges Past Resistance Zone, Triggering Speculation of ETF Approval
In an unexpected turn of events, Bitcoin has defied bearish expectations and surged past the resistance zone between $31,000 and $32,000. This rally has caught the attention of the crypto world once again, leading to the liquidation of millions of dollars worth of Bitcoin short trades. Speculation about the potential approval of spot BTC ETFs by the SEC has played a significant role in driving market sentiment. The early approval of these ETFs could have a profound impact on Bitcoin’s supply and demand dynamics, especially with the halving event approaching. Traders are closely watching this development as it could lead to a seismic shift in the market. Additionally, Bitcoin’s price action suggests a bullish trend, with the possibility of a 30-40 percent increase in the coming weeks if certain conditions are met. Overall, the crypto community eagerly awaits the SEC’s decision and keeps an eye on Blackrock’s potential entry into the Bitcoin market.
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