Bitcoin’s Price Eyes Extended Surge as Bullish Momentum Persists

• The price recently found support at $34,650 level after failing to clear above $35,820.
• If the price goes below $34,650 level, then it will likely decline further to test $34,190.

Defunct crypto exchange FTX has submitted a petition to the Delaware bankruptcy court for the liquidation of trust assets held by Grayscale and Bitwise estimated to be worth $744 million. Statements from FTX and its debtors indicate that they expect this approach to facilitate preparation for payments to creditors in USD and speed up the sale of trust assets by the debtors.

The filing also notes that the time and money saved by not having to submit a separate solicitation for each intended sale under the sales processes applies to sales of trust assets to one or more purchasers in one or more sales. This new development will likely have a significant effect on the cryptocurrency industry as a whole.

Bullish Momentum Continues

Bitcoin is once again in the spotlight, surprising many with its resiliently bullish trading range despite widespread anticipation of a market correction. Bitcoin has stayed steady, refusing to tumble below the recent support level of $34,650.

Bitcoin’s current gain has been attributed to the recent fall in non-farm job and unemployment statistics and stock market volatility indexes reported on Friday. At the time of writing, Bitcoin is trading at $35,151, up 0.16% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 28.26%.

The price recently found support at $34,650 level after failing to clear above the $35,820 mark. If the price manages to go past the $35,470 resistance level, then it will likely retest the $35,820 mark. However, if the price goes below $34,650 level, then it will likely decline further to test $34,190 support level.