Bitcoin (BTC) reached 17-month highs on October 24th, thanks to the excitement surrounding exchange-traded funds (ETFs) that boosted the already bullish BTC price action.
Bitcoin ETF Data Listing Hints at "Time to Shine"
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hit $35,198 on Bitstamp before consolidating. This represented a 17% gain since the previous weekly close and Bitcoin's highest levels since May 2022.
While it has since dropped below $34,000, the overall sentiment around the largest cryptocurrency remains optimistic as discussions continue about the potential launch of a Bitcoin spot price ETF in the United States.
Although U.S. regulators have held back the launch for years, appetite for it has been growing. The recent appearance of data for the iShares Spot Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) website, responsible for clearing NASDAQ trades, suggests that its launch is just a matter of time.
"As part of the response, public Bitcoin ETFs worldwide saw the equivalent of 10% of the year-to-date total in inflows over a single 24-hour period," according to data from Bloomberg.
The Kobeissi Letter, a financial commentary resource, stated, "An SEC approval of the ETF would likely mean that many other Bitcoin ETF approvals are coming."
Kobeissi also noted that BTC/USD has increased by 107% year-to-date, adding $300 billion in market cap. The report concluded that Bitcoin is being viewed as a safe haven asset amid worsening geopolitical tensions.
BTC Price Taps Last Upside CME Futures Gap
Despite the recent highs, traders on social media remain cautious, and some are even bearish. Popular trading account Ninja warned that there are no further CME Group Bitcoin futures gaps above the spot price, only below it.
As previously reported, $20,000 is still considered a popular downside target and an important psychological boundary. It is also home to a CME gap.
Other traders, such as analyst Maartunn, have taken profit amidst the recent price movement. Maartunn stated, "This recent price movement reflects the agony of those who HAD to buy, and I'm taking this opportunity to offload my holdings."
Trader Skew observed changes in the order book, with market makers selling to buyers as BTC price moved up. Fellow trader and analyst Crypto Chase warned that if BTC reaches the mid-30K range, it could become a "sell the news" event following the ETF approval.
Filbfilb, co-founder of trading suite Decentrader, expressed doubt that the latest gains are different in character from previous upward movements in 2023. In his comments, he suggested that Bitcoin could experience a significant drop in Q1 2024 based on the timing of previous price cycles.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
