After the fake news drama at the start of last week, Bitcoin price has rebounded very strongly. The pioneering cryptocurrency has broken above the key psychological barrier of $30,000 after multiple retests in the last few days. This has triggered a FOMO wave among the long and short-term investors.
On Thrusdat, BTC price reached $34,427 as the crypto markets continued to face a strong bullish sentiment. This resulted in a positive price action in altcoins as the Total 3 market cap increased 0.78% on the week’s first trading day.
When Will Spot Bitcoin ETF Be Approved?
The ongoing bullish wave in the digital asset markets is fuelled by the anticipation of the spot Bitcoin ETF approval. Last week’s fake news about the approval of BlackRock’s spot Bitcoin ETF showed the impact a real approval can have on crypto prices.
Currently, multiple applications of spot BTC ETF are under review by the SEC. These applications have been filed by some of the world’s largest asset managers, including BlackRock, Fidelity, Ark Invest etc. The final deadlines for some filings fall in early 2024. That is why most analysts believe that an approval may occur by January 2024.
Bitcoin Dominance Hits New Highs
A deeper look at the market shows that most of the money is flowing into Bitcoin. This is also evident from the rising Bitcoin dominance, which hit its highest level since April 2021 last week. The market dominance of USDT shows that investors are aggressively dumping their stablecoins to buy Bitcoin and other altcoins.
The following BTC.D chart shows that the market dominance of the biggest cryptocurrency by all metrics has soared to 52.48%. The next major resistance lies above 53%, which has previously acted as a support.
The recent surge in the BTC price can also be attributed to the investors’ rush to safety. The deteriorating US economy and the tensions in the Middle East are causing the safe haven assets. Therefore, in addition to traditional safe havens like gold and silver, Bitcoin is also catching a bid.
Bitcoin Price Technical Analysis & Outlook
The BTC to USD chart shows multiple breakouts. The price has broken out of the range highs of the $25,200-$28,000 trading range as well as from the downward trendline on the daily chart. However, the most significant breakout is above the 200-week moving average.
While Bitcoin price prediction is looking very bullish due to all the breakouts mentioned above, it is yet to break above its yearly high of $31,800. In case of a pullback from current levels, $28,000 will be the key level to watch.
Source: https://www.analyticsinsight.net/bitcoin-price-prediction-reaches-34k-amid-spot-etf-hype/