Bitcoin Breaches Halfway Mark To $31,000 – How High Can BTC Go This Week?
23 Octubre 2023 - 12:19AM
NEWSBTC
The price of Bitcoin is maintaining an upward trajectory, catching
many off guard this weekend. As of now, BTC has surged by 3.0% in
the last 24 hours, and sustaining a 12% rally in the last week. At
$30,780, according to data by Coingecko, the top crypto is just
inches away from reaching the vaunted $31K, a territory it briefly
crossed in April 10 this year. The $30,000 mark holds considerable
significance for Bitcoin, functioning as both a psychological
milestone and a technical resistance point. Psychologically, it
represents a round number that influences investor sentiment,
inspiring confidence when surpassed and raising concerns when it
becomes a barrier. Technically, $30,000 historically acts as a
level where selling pressure tends to intensify, impacting
short-term and long-term price movements. As a result, this price
level is closely monitored by traders and investors, making it a
critical reference point in the cryptocurrency market. Related
Reading: Solana On Fire With Over 34% Rally Within A Week – Details
The Anticipated Boost: Bitcoin ETF’s Impact On The Crypto Market
There’s a lot of excitement about the possibility of the U.S.
Securities and Exchange Commission allowing a Bitcoin
exchange-traded fund (ETF). This could be a big boost for the
struggling cryptocurrency market. Mike Novogratz, the CEO of Galaxy
Digital, thinks it’s very likely that the U.S. will approve this
kind of investment fund for Bitcoin soon. This news could be a
major reason for Bitcoin’s price to go up. Bitcoin may soon break
over its overhead resistance and begin a rapid surge, according to
trading group Stockmoney Lizards. They anticipate widespread
participation in the ETF and a subsequent surge in the run-up to
the halving in April 2024. BTCUSD inching closer to the key $31K
territory. Chart: TradingView.com The financial industry is
currently witnessing the active participation of major players such
as BlackRock, which manages assets above $10 trillion. These firms
are also actively pursuing the approval of their applications for
exchange-traded funds (ETFs), thereby creating an environment
filled with eager expectation. As a result of Bitcoin’s steady
ascent, tokens formed by the forking of the alpha coin, namely
Bitcoin Cash (BCH) and Bitcoin SV (BSV), had a significant surge of
up to 26%, surpassing other altcoins in terms of gains. This
surge may indicate a potential manifestation of enthusiasm. BTC
price action in the last 24 hours. Source: Coingecko Prospects Of A
Bitcoin ETF In Late 2023 Or Early 2024 Several industry experts are
suggesting that the long-anticipated approval of a spot Bitcoin
exchange-traded fund (ETF) could materialize sometime between late
2023 and early 2024. This revelation has sent ripples of excitement
throughout the cryptocurrency community and the broader financial
world. If BlackRock’s spot Bitcoin ETF is approved, Matrixport, a
provider of cryptocurrency services, projects that the price of
Bitcoin would rise to between $42,000 and $56,000. The community of
U.S. registered investment advisors and prospective investment
inflows from gold ETF investors form the basis of the extremely
optimistic forecast. Related Reading: Stacks (STX) Rockets 26%
Higher In A Single Week: The Factors At Play A Bitcoin ETF is a big
deal because it makes it easy for regular folks to invest in
Bitcoin without needing to deal with all the complicated stuff that
comes with digital currencies. It’s like a bridge that connects the
regular money world with the wild world of cryptocurrencies, which
could help more people get into Bitcoin. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Collection FRAC Lorraine
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