The price of Bitcoin (BTC) reached this year’s high of around $35k in the early Asian market amid speculation of spot ETF approval in the United States, which led to the liquidation of high short positions.
After trying to move above $31.8k twice without success in the last sixteen months, Bitcoin (B T c) The price broke out and reached $35k in the last 24 hours. Uptuber’s bullish momentum combined with high demand from institutional investors, as seen from the spot Bitcoin ETF frenzy, has caused the price of Bitcoin to rise by nearly 10 percent in the last 24 hours. At the time of writing, it is trading at around $33.9k. As a result, most Bitcoin short traders were liquidated, leading to a sudden short squeeze.
The bullish Bitcoin outlook over the past few days has been supported by speculation that BlackRock Inc.’s (NYSE: BLK) iShares Bitcoin ETF will be approved by the United States Securities and Exchange Commission.seconds, Also, BlackRock is acquiring Bitcoin MicroStrategy Inc (NASDAQ:MSTR) in the past.
Additionally, BlackRock’s iShares Bitcoin Trust is now listed on the Depository Trust & Clearing Corporation (DTCC), which recently announced the acquisition of the security with the ticker $IBTC to further expand its digital asset agenda. The listing of iShares Bitcoin Trust on DTCC is seen as imminent approval by the US SEC on a spot Bitcoin ETF in the next six months.
iShares Bitcoin Trust is listed on the DTCC (Depository Trust and Clearing Corporation, which clears NASDAQ trades). and the ticker will be $ibtc, All part of the process of bringing an ETF to market again.. H/T @martypartymusic pic.twitter.com/8PQP3h2yW0
– Eric Balchanas (@EricBalchanas) 23 October 2023
Bitcoin winter is over, more gains to come
Bitcoin price has been stuck in a prolonged bear market since late 2021 after reaching an ATH of around $69k. Unlike earlier times, when Bitcoin price tried to rise above $31.8k, this time the altcoin market has gained momentum, indicating more cash inflows into the crypto industry. Market analysts expect Bitcoin to continue its rise in the coming weeks supported by options with higher call rates.
“At its peak around $32,500, each 1 cent increase would require approximately $20 million of BTC to be bought by options dealers to remain delta neutral. “The situation implies that market makers need to buy back increasing amounts of delta as spot moves higher, which should increase the explosiveness of any moves in the short term,” Alex Thorne, head of research at digital asset investment firm Galaxy, said. noted,
From a technical perspective, if Bitcoin price records a weekly close above $31k, there will be more upside to its price. In this regard, the price of Bitcoin may rise between 30 percent to 40 percent in the next weeks to $40k and above. Furthermore, the Bitcoin halving, which has been identified as the trigger for the macro bull run, is 183 days short of the estimated time of April 25.

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