Bitcoin (BTC) has reached a price of $35,000 for the first time in 2023, with a significant increase in trading volume and market cap. The rally began last week due to fake news about the approval of a BTC spot ETF proposal by BlackRock. Institutional investors have been rushing to buy Bitcoin, driven by optimism around the potential approval of a spot BTC ETF in the US. The open interest for Bitcoin futures on the Chicago Mercantile Exchange (CME) has reached 100k BTC for the first time ever, indicating increased institutional appetite for the cryptocurrency.
Bitcoin has broken above an ascending triangle pattern, with a breakout targeting $45,711. The ongoing uptrend has been supported by resistance at $30,806. The Relative Strength Index (RSI) is trending north, reinforcing the bullish outlook. Bitcoin price is holding above key bull market indicators such as the 21-week EMA, 100-week EMA, and 200-week EMA. Traders should watch for how BTC reacts to immediate resistance at $35,000, as holding above this level may confirm the breakout to $45,771.
Crypto analyst Rekt Capital advises investors not to feel sidelined by Bitcoin’s price movement and sees retracements as opportunities for re-accumulation. FOMO may cause some investors to believe they have missed out on the bull run, but there will always be breakout rallies and pullbacks in the market. Another opportunity will always present itself.
John, a seasoned crypto expert and Price Prediction Editor for CoinGape Media, provides valuable insights on price trends and market forecasts. His expertise includes on-chain data analytics, NFTs, DeFi, CeFi, and the metaverse landscape. Readers are advised to do their own research before investing in cryptocurrencies.
Hot Take: Bitcoin Breaks Above $35k as Institutions Fuel Rally
Bitcoin has surged above $35k for the first time in 2023, driven by institutional investors rushing to satisfy their risk appetite. The approval of a potential spot BTC ETF in the US has fueled optimism and increased interest in Bitcoin. The open interest for Bitcoin futures on CME has reached a record high of 100k BTC, indicating growing institutional demand. Bitcoin’s breakout above an ascending triangle pattern suggests a target of $45,711. Traders should watch for confirmation of the breakout by holding above immediate resistance at $35,000. Retracements should be seen as opportunities for re-accumulation, as there will always be future opportunities in the market cycle.
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