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