Institutional Demand Driving Bitcoin Price: What’s Next?

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• Bitcoin (BTC) price, over the weekend, defied all odds to stay in a positive trading range as it expects a broader market correction.
• According to prominent market analyst CrediBULL Crypto, Bitcoin (BTC) price refused to drop to the local invalidation point of $34,600.
• There are several developments regarding Bitcoin, particularly the demand for BTC spot ETF products, which is said to kickstart the next wave for institutional investors.

Bitcoin price is fighting to stay above $35,000 despite expectations of a more significant correction. What’s the next target?

Bitcoin Fails to Hold Above $35,000

Bitcoin (BTC) price defied expectations of a broader market correction over the weekend and maintained a positive trading range. The leading cryptocurrency is currently priced at $34,920, showing a 0.42% decrease in the last 24 hours.

Bitcoin’s price has displayed noticeable volatility, but with increasing trading volume, clear and continuous buying momentum has emerged, indicating that the cryptocurrency is in a suitable position to sustain its current level and possibly watch for new price points.

According to prominent market analyst CrediBULL Crypto, Bitcoin (BTC) price refused to drop to the local invalidation point of $34,600. The analyst noted that bulls in the market helped to maintain the mid-level, support consolidation, and gain momentum, based on a predefined roadmap previously shared by the analyst.

With Bitcoin showing positive momentum in the short term, CrediBull Crypto expressed optimism that the asset could continue to change its impulses until it reaches the psychologically significant level of $40,000. The analyst believes that once this happens, a new rally toward the All-Time High (ATH) may not be too far away.

Analysts have generally been quite optimistic about Bitcoin’s price movement. They believe that users who expected a drop below $30,000 may be left behind. The analyst marked a new local invalidation level at $34,737.36. If Bitcoin reaches this level, it could serve as a springboard for more ambitious runs.

Key Factor to Watch for Bitcoin

There are several developments regarding Bitcoin, particularly the demand for BTC spot ETF products, which is said to kickstart the next wave for institutional investors. With the presence of significant players and the expectation that it will receive approval from the U.S. Securities and Exchange Commission (SEC) in the near future, most buyers seem to be preparing to ride this trend.

The timing of this approval remains uncertain. While most experts in the industry are predicting next year, Galaxy Digital CEO Mike Novogratz believes that approval could be received by the end of the year.