Bitcoin Price Gains Strength Above $43,000: Why Is BTC Rising Today?

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• Bitcoin and the overall crypto market face strong volatility as BTC price rises above $43,000 with another 5.5% increase.
• According to a recent update by Bloomberg analyst James Seyffart, there has been a significant development in BlackRock’s journey towards a spot Bitcoin exchange-traded fund (ETF).
• The decision to prioritize cash creation in the S-1 amendment is interpreted as a positive sign for the progress of BlackRock’s spot Bitcoin ETF.

Bitcoin and the crypto world saw a rapid rise on Monday following the selling pressure it faced: What caused this?

Bitcoin Price Again Above $43,000

Bitcoin and the overall crypto market face strong volatility as BTC price rises above $43,000 with another 5.5% increase. In the last 24 hours, Bitcoin added over $50 billion to its market value. Today’s price increase coincided with positive developments in Bitcoin ETF applications as BlackRock and WisdomTree submitted updated S1 filings. This followed the updates from Ark Invest and 21Shares.

According to a recent update by Bloomberg analyst James Seyffart, there has been a significant development in BlackRock’s journey towards a spot Bitcoin exchange-traded fund (ETF). A critical step for the proposed ETF is indicated by an S-1 amendment released by the financial giant.

In particular, BlackRock has adopted the Securities and Exchange Commission (SEC) directive regarding cash creation and signaled a change in strategy. The company essentially ended the debate and postponed in-kind creations to a later date. BlackRock’s strategic move is seen as an alignment to prepare for holiday periods.

The decision to prioritize cash creation in the S-1 amendment is interpreted as a positive sign for the progress of BlackRock’s spot Bitcoin ETF and indicates a noteworthy development in the evolving landscape of cryptocurrency exchange-traded funds. Following BlackRock, WisdomTree also submitted its S1 amendment.

BTC Price Movement

A prominent crypto analyst highlights the current price dynamics of Bitcoin, emphasizing the formation of a descending triangle pattern on the hourly chart. In this analysis, the analyst identifies $41,900 and $40,700 levels as critical focal points for traders. What matters is the potential impact of a definitive close above or below this specified range. According to the analyst, such a move could cause a sharp change in Bitcoin’s price, ranging from 8% to 9%, depending on the direction of the breakout.

The Bitcoin landscape shows a distinct trend where wallets containing 1 Bitcoin or less have reached all-time high holdings. These small wallets, aggressively accumulating since early November, showcase a significant increase in coin ownership. In contrast, medium-sized wallets have experienced a slight decline in the last few months, while larger whale wallets show an upward trend in Bitcoin ownership. These changing dynamics in Bitcoin wallet sizes indicate subtle shifts in accumulation patterns in the cryptocurrency market.