Bitcoin
Bitcoin Price Nudges Higher as Hopes for Spot Bitcoin ETF Approval Intensify
Bitcoin price has started a fresh upward trend above the important level of $35,000 after a week of consolidation around this level. At press time, the flagship cryptocurrency was trading 3.15% higher at $36,742.52, its highest level in more than a year. BTC’s total market capitalization has climbed by nearly 5% over the last day to $718.6 billion, while the total volume of the asset traded over the same period jumped by 24%. Notably, Bitcoin has added more than 121% in the year to date.
ETF Concerns
Bitcoin price has been on an uptrend over the past week, climbing 4% during the period despite a mass sell-off by miners. According to a report by Bloomberg, some public crypto-mining companies sold a little more than the equivalent of all the BTC they minted in October. Bitcoin miners sold the asset to take profits during BTC’s October rally. Even so, the premier cryptocurrency has edged higher despite the rising selling pressure.
Bitcoin’s rally to $36,700 has been credited to the upcoming Bitcoin ETF approval window. In a recent note, Bloomberg’s senior ETF strategist James Seyffart updated that a brief window for the US Securities and Exchange Commission (SEC) to approve all 12 spot Bitcoin ETFs opens on Friday, November 9. Earlier in October, the Wall Street regulator issued delay orders for applications from bigwigs like BlackRock, Fidelity, WisdomTree, Invesco, and VanEck.
The appearance of BlackRock’s closely watched bitcoin ETF on a list maintained by the Depository Trust and Clearing Committee in October set the cryptocurrency alight, sending Bitcoin higher to $35K for the first time since May 2022. BlackRock, the world’s largest provider of ETFs, applied in June to register for a bitcoin spot ETF and is still awaiting approval from the SEC. According to most analysts, the trade of Bitcoin ETFs would potentially attract significant inflows for the primary cryptocurrency, increasing its value.
Bitcoin Price Technical Analysis
The Bitcoin price uptrend has gained strength over the past few days amid the anticipation of a spot Bitcoin ETF approval. The digital asset remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages, as seen on the daily chart. Its Relative Strength Index (RSI) is in the overbought territory, reflecting strength in Bitcoin’s bullish uptrend.
As such, the Bitcoin price is likely to continue moving higher, breaking above the immediate resistance level at $37,500. The BTC price is likely to rally to $45,000 in the medium term if it sustains above the $35,000 level without any significant rejection. Conversely, we cannot rule out a drop below this level which could invalidate the bullish thesis.
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 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…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
