Bitcoin Makes 16 Month High, Crossing $35K. Bull Market Here?

• Bitcoin trading volume surged by 216% in a day to reach $46 billion.
• $310 million worth of Bitcoin shorts liquidated in 24 hours.

The cryptocurrency community is jubilant as Bitcoin, the largest cryptocurrency by market capitalization orchestrated a remarkable bull run, marking a historic milestone for the year. BTC surged past the $35,000 mark, a level not witnessed in nearly 16 months.

The bullish momentum of Bitcoin commenced at the beginning of the week, with an astonishing 23% surge in the past seven days. This impressive rally propelled the cryptocurrency from $28,000 to an impressive $35,227. Notably, on October 23, Bitcoin experienced a sudden surge, leaping from $31,000 to over $34,000. In less than two hours after breaking the $34,000 barrier, it reached a staggering high of $35,300. At present, Bitcoin is trading at $33,871, reflecting a substantial 10% gain in the last 24 hours.

Adding to the excitement, Bitcoin’s trading volume has spiked by a remarkable 216% in the past 24 hours, reaching $46 billion.

What’s Behind The Bull Run?

A surge of optimism has recently swept through the crypto community, driven by the belief that the United States is on the verge of approving Bitcoin exchange-traded funds (ETFs). It was amplified by a recent court ruling in favor of Grayscale, which increased the likelihood of the largest Bitcoin trust, the GBTC product, being converted into an ETF. This optimism is the driving force behind the current bullish trend.

Furthermore, BlackRock has taken a significant step forward in its application to list a Bitcoin ETF, as its proposed product has now been assigned a unique ID number on the Depository Trust & Clearing Corp. website. To be noted is that this doesn’t guarantee approval, but many interpret it as a sign of the company’s confidence in securing approval.

In the midst of this crypto fervor, an astounding $310 million worth of Bitcoin shorts were liquidated in the past 24 hours, further fueling the bullish sentiment. And Michael Saylor’s MicroStrategy’s Bitcoin investment has now grown to an unrealized profit of $745 million.

Meanwhile, in response to Bitcoin’s resurgence, altcoins have followed in its footsteps with significant price surges. This development underscores the anticipation that once ETFs are approved, it could herald the beginning of a historic bull year for cryptocurrencies.

Will BTC Bulls Get Stronger ?

A closer analysis of Bitcoin’s current price movements reveals the presence of bullish forces.The 9-day exponential moving average (EMA) has risen above the current trading price, settling at $29,008. Simultaneously, the daily relative strength index (RSI) is at 48, indicating that the asset is approaching neutral territory.

Should Bitcoin manage to breach the $36,000 mark, a rally towards $46,100 seems highly probable. However, if the price were to dip below the crucial support level of $28,160, a downward move towards $27,250 is a likely scenario. A further decline could push prices to test the $26,600 support level, keeping crypto enthusiasts and investors closely monitoring Bitcoin’s trajectory.