Will Bitcoin Retest The Long-Awaited Hurdle of $35K Soon?

Since the beginning of October 2023, Bitcoin has changed its momentum and when writing it was trading above $34k. However, BTC prices were affected after the recent incident of BlackRocks ETFs delisting from the DTCC website.

In just a couple of minutes, BTC lost more than $250 and went back to $32K, but as the session of trading continued it succeeded in recovering the loss and started trading above $33k.

As per market analysts the bounce in BTC will be continued in the coming times as there has been a stir in the entire crypto market because of Bitcoin ETFs that are registered by dozens of leading companies.

Bitcoin price surged more than 13.06% in a week and 1.04% in the past 24 hours. A significant surge in Bitcoin’s trading volume is observed in the past 24 hours and its market cap rose 1.01%.

In the monthly time frame, BTC has retested $35K and its highest trading in a month is $35,150.43. Other than Bitcoin, Ethereum, XRP, Solana, Cardano, Dogecoin and a few others surged impressively in a week.

Will Bitcoin Break $35k Hurdle Soon?

Bitcoin is expected to break the $35K hurdle soon. This is because, in the past few days the surge has broken all expected resistance below $35K. At the time of publication, Bitcoin prices were trading far above the 20, 50, 100, and 200-day EMA.

Dozens of market analysts claim that due to the news of Bitcoin ETFs in the market investors and crypto moguls are buying major tokens of the market to earn impressive profit.

The decision to approve or disapprove BTC ETFs totally lies on the regulators and it is important to note that the SEC (Securities and Exchange Commission) will play a vital role in the ETFs category.

Since the beginning of Oct 2023, Bitcoin has retested the long-term resistance of $35K for the second time but it failed to sustain on a higher level. It is also claimed that the prices of the majority of cryptocurrencies depend upon the market leader, Bitcoin.

When writing, the entire crypto market was 1.22% greater than the market cap on October 29, 2023. The majority of the crypto market cap is constituted from the market cap of Bitcoin, Ethereum, USDT, Dogecoin, and XRP including Solana and many others.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.