Bitcoin Bounces Back To $31,000 As ETF Optimism Drives Bulls

Bitcoin Bounces Back To $31,000 As ETF Optimism Drives Bulls
фото показано с : zycrypto.com

2023-10-24 23:47

Bitcoin hit the much-coveted $31,000 level on Monday for the first time since mid-July.

The world’s largest cryptocurrency peaked at $31,275.95 on CoinGecko before falling back to its current price of just $31,150.50 — a 4.2% jump in 24 hours. The latest uptick comes amid optimism that a spot Bitcoin exchange-traded fund (ETF) might be on its way in the United States. A much-anticipated investment vehicle, a spot Bitcoin ETF is expected to attract more institutional investors to the crypto world.

Strategists from JPMorgan postulated sometime last week that a spot ETF could be greenlighted by Christmas this year.

Renowned asset managers who have filed paperwork with the U.S. Securities and Exchange Commission (SEC) are tweaking their applications in hopes that the agency will give them its regulatory blessing.

The SEC’s failure to appeal its August court loss over Grayscale’s request to convert its flagship GBTC into a spot ETF ignited hope among investors that the regulator might finally approve the application.

The $31K region has historically been considered one of the heaviest resistance and support levels. If the cryptocurrency manages to gain significant ground above this price point, it could be interpreted as an encouraging cue for a continued mega rally.

The $31K $BTC price level is the heaviest resistance/support historically.

If we pass that with conviction, it's game on. pic.twitter.com/23kvqjL8Zy

— Tytan.eth (@Tytaninc) October 23, 2023

Chainlink (LINK), Polkadot (DOT), and Dogecoin (DOGE) were among the best-performing large-cap digital assets, with 9.1%, 6.9%, and 5.2% jumps, respectively. Ethereum (ETH) and Ripple’s XRP posted 2.8%-4.1% gains.

Why Bitcoin’s Ongoing Rally Is Different From The Rest

A key difference making this rally stand out from previous bull runs is the market’s temperature. Per CryptoQuant’s head of Research, Julio Moreno, the ongoing upsurge is not showing any signs of being in “overheated-bull territory.” 

Bitcoin has gained over 87% since the beginning of 2023, when it was trading for around $16,600. Nonetheless, the flagship crypto is still 55.09% down from its November 2021 lifetime peak of $69,044.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 61882.16 (+0.26%)
Объем 24H $25.195b
Изменеия 24h: -1.48 %, 7d: -2.73 %
Cегодня L: $61494.57 - H: $63088.03
Капитализация $1218.964b Rank 1
Цена в час новости $ 33547.11 (84.46%)

bitcoin level monday mid-july time much-coveted bulls

Источник: zycrypto.com

bitcoin level → Результатов: 126


Where Is Bitcoin Headed in May? Expert Points to Key Resistance Level That Must Break For Continued BTC Price Surge

Bitcoin has regained its position above the $60,000 mark, and this upward movement has sparked conversations about the possibility of Bitcoin surpassing the $65,000 resistance level soon.   YG Crypto, a cryptocurrency analyst, also recognizes this bullish trajectory, and he views it as a significant signal for bullish traders.

2024-5-5 19:15


Bitcoin Price Analysis: Is A Retracement To $25,000 Likely?

Despite the relative performance of altcoins in 2023, Bitcoin has seen a significant 75% bullish rally since the beginning of the year. However, Bitcoin’s price has been unable to surpass the resistance level of $30,000 for a week, and this has stirred a technical belief that there is a possibility of a retracement streak toward the medium-term support level of $25,000.

2023-4-23 12:24


Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019

In the past 24 hours, 417,654 traders were liquidated for $2.58 billion, with Binance leading at 28% of its share despite underreporting, and now, CME is leading Bitcoin OI at $3.72 bln. The post Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019 first appeared on BitcoinExchangeGuide.

2021-12-4 16:46


Additional Money Is Coming into Bitcoin as Capitulation Period Ends and Hash Rate Climbs to Early June Level

Breaking above $50k, Bitcoin price has recovered from the $29,760 low in July. As of writing, BTC/USD is trading around $47,500, about 26.7% down from its peak four months back. Just like price, other data metrics suggest that the leading cryptocurrency is on a path to recovery after the market-wide sell-off just three months ago […] The post Additional Money Is Coming into Bitcoin as Capitulation Period Ends and Hash Rate Climbs to Early June Level first appeared on BitcoinExchangeGuide.

2021-8-25 17:23


Фото:

Here’s the Crucial Level Bitcoin Needs to Break Before Analysts Flip Bullish

Bitcoin has been struggling to hold above $19,000 for the past couple of days, with the selling pressure above this price level proving to be significant If sellers continue suppressing the cryptocurrency’s price action and hold it below this level for an extended period of time, it could lead to some serious losses One trader is now noting that Bitcoin could still be on the cusp of seeing further upside in the hours ahead, noting […]

2020-12-7 19:37


Фото:

Ethereum Fails to Post Bullish Monthly Close, Opening the Gates for Downside

Ethereum’s trend of underperformance against Bitcoin has persisted and is showing few signs of changing anytime soon The cryptocurrency has been unable to match the strength seen by BTC over the past few weeks, and it is still trading below its key $400 resistance level Where it trends in the near-term depends largely on Bitcoin’s reaction to $14,000, as a break above this level could send the entire market flying higher One analyst is now […]

2020-11-1 22:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru