Bitcoin
Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund (ETF). The prestigious Wall Street firm applied to the SEC in June to release its spot bitcoin ETF, which has been pending approval.
The growing excitement around Bitcoin’s halving event scheduled for May 2024 has also buoyed the Bitcoin price. Halving is an event that occurs every four years where miners see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin. The halving event is often a factor behind a new rally.
Bitcoin Price Outlook
The daily chart shows that the Bitcoin price has been on a tear over the past few days, characterized by a bullish channel shown in yellow. Technical indicators suggest a continuous bull run in the immediate term. The premier cryptocurrency remains above the 50-day and 200-day exponential moving averages and the 100-day and 200-day simple moving averages.
Its Relative Strength Index (RSI) is in the overbought territory at 80, indicating an increase in buying pressure. The Moving Average Convergence Divergence (MACD) indicator also notes growing green bars, suggesting a bullish outlook.
As such, the Bitcoin price will likely continue to edge higher as bulls target the next critical resistance at $45,000. A breach above this level would clear the path for a home run to the psychological level of $50,000.
BTC Price Chart
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price made the headlines on Monday after jumping more than 5%, ripping its highest level since April 2022. The world’s largest cryptocurrency hit an intraday high of $42,154, bolstered by enthusiasm about a spot bitcoin exchange-traded fund approval and bets on US interest rate cuts. At the time of writing, the flagship cryptocurrency was trading 4.15% higher at $41,645.90. Bitcoin’s market capitalization has climbed by more than 5% over the last day to $814.7 billion, as the total volume of the BTC tokens traded over the same period rocketed by 102%.
Fundamentals
Bitcoin price was in the limelight on Monday, starting the new month on a high note. Bitcoin has climbed more than 152% in the year to date, on course for its best annual performance since 2020. This comes after a string of high-profile collapses in 2022, including the collapse of crypto exchange FTX in November last year, that rocked the market, leading to outflows of more than a trillion dollars from the crypto sector.
The major catalyst behind BTC’s rally has been the anticipation of a spot bitcoin ETF approval by the US Securities and Exchange Commission (SEC). The SEC has been formally engaging with asset managers ahead of a highly anticipated decision on whether the regulator will give the green light for the trading of bitcoin ETFs. The Wall Street regulator stated in a memo that it met with Grayscale last week on…
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