Why Is Bitcoin Price Up Today?

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Following the news of Bitcoin spot ETF entering a short eight-day window that would allow all twelve applications to be approved at once, the crypto market experienced a significant move in its value. Bitcoin price has successfully breached the $36,000 mark, indicating a strong bullish influence in the market.

James Seyffart, a well-known analyst with substantial followers over 49K on the “X” platform, has recently posted by covering the ongoing situation in the industry.

The analyst states there is still a 90% chance of approving the spot Bitcoin ETF by 10 January 2024, including Grayscales Bitcoin “GBTC.” Even if the approvals don’t arrive this month, there is a high chance of it getting approved in the near future, states the analyst.

Following the news of the Blackrock spot ETF application, the industry gathered major traction, resulting in the market experiencing increased price volatility in recent times.

Bitcoin Price Analysis:

The BTC price was seen trading in a closed space between $26,558.10 and $28,000 for a brief period, following which the market gained momentum and the price of Bitcoin crossed the key resistance level of $28,000 for the first time since June.

After trading sideways for about a week, the price regained momentum and broke out of multiple resistance levels until it was rejected at the important level of $35,000.

The market leader, Bitcoin, was then seen trading sideways for over two weeks until the price regained momentum recently and broke out of its resistance level at $36,000. It is preparing to test the upper resistance level of $37,000, of which the outcome is uncertain.

TradingView: BTC/USDT

The MACD has displayed significant price volatility recently, indicating a massive ongoing price action for the star crypto. Further, the chart shows a rising green histogram, suggesting the price will continue gaining value in the coming days.

If the bulls continue to gain power, the BTC price will prepare itself and make a run to test its resistance level of $37,033.37 soon. Maintaining the price at that level will set the stage for the market to attempt to test its upper resistance level of $38,082.91 in the coming weeks.

Conversely, if the bears overpowered the BTC bulls, the price would lose momentum and fall to test its support level of $36,000. Moreover, if the bears continue to dominate the market, it will continue to lose value and test its lower support level of $35,000 this month.