Bitcoin Price Nears $37k Amidst Anticipation of Spot ETF Approval

• The price of bitcoin has recently surged, reaching a level not seen since early May 2022.
• At the time of writing, Bitcoin is trading at $36,661, up 3.75% in the last 24 hours.

Despite the fact that some market watchers predicted that Bitcoin’s price wouldn’t be able to break above $36,000 by the close of the week’s trading session, it did just that. Many traders were taken off guard when the price of Bitcoin surged beyond $36,500 and hit nearly $37,000. After being relatively flat for a few days, the price of bitcoin has recently surged, reaching a level not seen since early May 2022.

The rise in Bitcoin’s value may be traced back to revived rumors that the United States SEC would eventually greenlight a spot Bitcoin exchange-traded fund (ETF).

As Bloomberg’s James Seyffart pointed out in an updated post published yesterday, the SEC is in a rare position of approving all 12 spot ETF applications over the upcoming eight days. Seyffart and Eric Balchunas still anticipate a 90% possibility of acceptance for at least part of the outstanding applications before January 10, 2024.

Significant Uptrend

At the time of writing, Bitcoin is trading at $36,661, up 3.75% in the last 24 hours as per data from CoinMarketCap. Moreover, trading volume is up 27.56%. The price was consolidating for a while before finally breaking out.

If the price manages to continue the bullish momentum and breaks above the $39,300 resistance level, then it will likely head towards the $43,700 mark. Breaking above this level, will likely see price testing $47,400 key resistance level.

Contrarily, if the price goes below $34,230 support area then it will likely test $33,590 level. Further decline will likely see price testing $30,501 support level.