Bitcoin Hits $34,000, Highest Point in 3 Months
Bitcoin (BTC) has reached a significant milestone by surpassing $34,000, its highest point in the past three months. This surge in value is attributed to growing optimism surrounding the potential approval of a Bitcoin Exchange-Traded Fund (ETF). The total value of the global cryptocurrency market now stands at $1.27 trillion, with a 10% gain in the past 24 hours.
Bitcoin Surge Causes Massive Liquidations and Institutional Interest
The recent surge in Bitcoin’s price has resulted in over $220 million in losses for traders who were betting against it within the last 24 hours. The entire cryptocurrency market experienced over $400 million in liquidations, with short positions suffering the most. This marks the largest liquidation since August 17. Additionally, Bitcoin’s surge has attracted increasing interest from institutional investors who are seeking to safeguard their savings against global inflation.
Bitcoin Surges by 13% in 24 Hours
In the past 24 hours, Bitcoin has surged by over 13%, bringing its trading price to $34,614. This increase has contributed to a significant rise in the total cryptocurrency market capitalization, which now stands at $1.32 trillion. Institutional investors are increasingly showing interest in Bitcoin as a result of economic uncertainty and global instability.
SEC Commissioner Supports Bitcoin ETF
SEC Commissioner Hester Peirce has openly voiced her support for a Bitcoin exchange-traded fund (ETF), contrasting with the SEC’s previous reluctance on the matter. This support has positively influenced BTC’s price and nurtured hope for broader acceptance. Financial entities like Grayscale, BlackRock, Invesco, Valkyrie, and Fidelity have all submitted applications for spot Bitcoin ETFs.
Bitcoin Price Prediction
Bitcoin’s technical overview indicates a pivot point at $31,500, with resistances at $34,700, $36,071, and $38,770. Immediate support levels are at $30,335, $29,201, and $28,403. The high Relative Strength Index (RSI) suggests an overbought situation and the potential for market adjustments. However, a drop below the 50-day EMA of $29,814 could ignite bearish sentiment.
Top 15 Cryptocurrencies to Watch in 2023
Stay informed about the world of digital assets by exploring our handpicked collection of the top 15 alternative cryptocurrencies and ICO projects to watch in 2023.
Find the Best Price to Buy/Sell Cryptocurrency
Track cryptocurrency prices and find the best opportunities to buy or sell using our cryptocurrency price tracker.
Hot Take: Bitcoin’s Surge Signals Growing Confidence and Institutional Interest
The recent surge in Bitcoin’s price to over $34,000 signifies growing confidence in the cryptocurrency market. The potential approval of a Bitcoin ETF has generated optimism among investors and institutions alike. This surge has also led to significant liquidations for traders betting against Bitcoin. Institutional interest in Bitcoin continues to rise as it offers a hedge against economic uncertainty and inflation. SEC Commissioner Hester Peirce’s support for a Bitcoin ETF has further fueled speculation and positive market sentiment. With Bitcoin’s price prediction indicating bullish trends but potential corrections ahead, investors should exercise caution and conduct thorough research before making investment decisions.
By
By
By
By
By