Bitcoin
Bitcoin Price Tops $35,000 as BlackRock’s ETF Buzz Sparks Market Rally
Bitcoin price has recorded significant gains over the past week, jumping to its highest level since May 2022. The flagship cryptocurrency has gained more than 23% in the past week and nearly 112% in its year-to-date price. Bitcoin’s total market cap has climbed to $679.7 billion, its highest level in more than a year. At the time of writing, Bitcoin price was trading at $34,749.
BTC’s Rally
Bitcoin and crypto prices have been making headlines over the past week amid excitement about the prospect of a spot bitcoin ETF approval. The global crypto market cap has increased by more than 3% over the last day to $1.28 trillion, while Bitcoin’s dominance edged higher to 53.42%. The Crypto Fear and Greed Index, which measures the sentiment of crypto market participants, has improved to a greed level of 71, suggesting an increase in risk appetite.
Bitcoin price topped $35,000 on Thursday and Friday before pulling back slightly as hype over BlackRock’s bitcoin spot exchange-traded fund (ETF) application reached fever pitch. The cryptocurrency market has been set alight over the past day amid two bitcoin spot ETF developments that traders have taken for signs that the US Securities and Exchange Commission (SEC) is poised to approve the trading of a long-awaited Bitcoin spot ETF.
The latest round of excitement came in as BlackRock’s closely watched bitcoin ETF appeared on a list maintained by the Depository Trust and Clearing Corporation, a Nasdaq-operated clearing house for stocks and ETFs. BlackRock, the world’s largest provider of ETFs, applied in June to register for a bitcoin spot ETF, which is pending approval.
Additionally, a federal appeals court formalized a victory for crypto asset manager Grayscale in its bid to turn its premier GBTC bitcoin fund into an actual bitcoin spot ETF. Despite the SEC ruling against Grayscale’s ETF application, a panel of judges for the DC Court of Appeals overruled the decision in August. The move boosted the cryptocurrencies throughout the summer.
According to Charles Yuhe, a research associate from Galaxy Digital, SEC’s approval of a bitcoin spot ETF would add almost 75% to Bitcoin’s value within a year, potentially attracting over $14 billion of inflows.
“Anticipation that ETFs will be approved soon is rising, and our analysis suggests these products could see significant inflows, primarily driven by the wealth management channels that cannot currently access safe and efficient bitcoin exposure at scale,” Charles wrote in a note.
Bitcoin Price Technical Analysis
The daily chart shows that the Bitcoin price has been on a strong bullish rally over the past week, topping the crucial level of $35,000 for the first time since May 2022. 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. Its Relative Strength Index is in the overbought zone, signaling a rally in buying pressure.
Therefore, the Bitcoin price is likely to edge higher in the ensuing sessions, retesting the key resistance level of $35,000. A consistent breakout above this level might give bulls enough momentum to push the price higher to the next resistance level of $37,500.
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…
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