Bitcoin (BTC), the world’s most valuable cryptocurrency, recently hit a significant milestone by surpassing $34,000 – its highest point in the past three months. The surge in its value is attributed to the increasing optimism regarding the potential approval of a Bitcoin Exchange-Traded Fund (ETF).
The global cryptocurrency market capitalization now stands at $1.27 trillion, with a 10% gain in the past 24 hours. As Bitcoin’s price surged past $34,000, it caused losses of over $220 million for traders who were betting against it in the last 24 hours. According to Coinglass, the entire cryptocurrency market experienced over $400 million in liquidations during the past day. Of the liquidated positions, short positions suffered the most, losing over $304 million compared to $97.5 million in long positions.
Bitcoin’s price rose 13% in the past 24 hours, reaching $34,614. This increase has also contributed to the significant rise in the total cryptocurrency market capitalization, now standing at $1.32 trillion – a nearly 10% increase within the same time frame.
Institutional investors are increasingly showing interest in Bitcoin due to economic uncertainty and global instability. Capital is flowing into cryptocurrency products, with a significant portion being directed towards Bitcoin. This is driven by people seeking to safeguard their savings against the impact of global inflation. A recent report revealed that digital asset investment products received $66 million in net inflows last week.
The growing interest in Bitcoin as an asset, combined with the rising regulatory optimism, has resulted in a 13% price increase. This has enhanced the value and market capitalization of BTC.
Amid the increasing anticipation of the cryptocurrency community, SEC Commissioner Hester Peirce openly voiced her support for a bitcoin exchange-traded fund (ETF) in a recent CNBC interview. Her perspective starkly contrasts with the SEC’s extended reluctance on the issue. Her remarks underscore a notable split within the SEC, given the surging market demand and robust institutional interest in Bitcoin. Notable financial entities like Grayscale, BlackRock, Invesco, Valkyrie, and Fidelity have all submitted applications for spot Bitcoin ETFs.
On October 24, Bitcoin’s technical overview showed interesting data points. The 4-hour chart marked a pivot point at $31,500, with resistances at $34,700, $36,071, and $38,770. Immediate support was at $30,335, trailed by $29,201 and $28,403. The high Relative Strength Index (RSI) of 87 suggests an overbought situation, hinting at potential market adjustments. Bitcoin’s price is above the 50-day EMA of $29,814, affirming a bullish trend. If Bitcoin breaks the $34,700 resistance, it might aim for $36,071. Otherwise, a dip to lower support levels could occur.
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