In the past 24 hours, Bitcoin (BTC) defied bearish expectations and broke through the resistance zone between $31,000 and $32,000 to reach as high as $35,000. This unexpected rally in October, historically known as “Uptober” in the years before the halving, has once again caught the attention of the crypto world. Moreover, this surge led to the liquidation of nearly $310 million worth of Bitcoin short trades.
What triggered the Bitcoin price surge?
Bitcoin prices surged during early trading hours in Japan on Tuesday and late trading hours in New York on Monday. Speculation that the U.S. Securities and Exchange Commission (SEC) may approve a spot BTC exchange-traded fund (ETF) played a key role in driving market sentiment. Notably, there are signs on the Depository Trust & Clearing Corporation (DTCC) website that BlackRock is preparing to launch its iShares Bitcoin Trust.
The early approval of a U.S. spot Bitcoin ETF could have a significant impact on Bitcoin’s supply and demand dynamics, especially with the halving event about 180 days away. The cryptocurrency community is closely watching this development as it could lead to a seismic shift in the market.
Bitcoin Price Trends and Forecasts
Year-to-date, the price of Bitcoin has surged by more than 100%, prompting market experts to declare that the crypto winter is over and spring is about to set in. According to Captain Faibik, a well-known cryptocurrency analyst, if Bitcoin bulls can maintain momentum and close the weekly candle above $31,000, traders can expect a 30-40% price increase in the coming weeks.
As Bitcoin continues to surprise the market with its resilience and upward momentum, investors and enthusiasts are eagerly awaiting the SEC’s decision on spot BTC ETFs and keeping a close eye on BlackRock’s potential entry into the Bitcoin market through its iShares Bitcoin Trust.
