Sunday, 3 December 2023

Crypto News

BTC price skyrockets to $35k

Technical breakout points to rally to $34k

  • Bitcoin (BTC) price rose sharply to $35k, its highest price since May 2022.
  • The skyrocketing prices came as new speculation about a spot Bitcoin ETF approval hit the market.
  • Analysts say BTC could break to $40k or higher.

Bitcoin price skyrocketed early Tuesday to hit highs of $35k for the first time in nearly 18 months. The BTC price’s sudden surge began late Monday when fresh news hit the market regarding the imminent approval of a spot Bitcoin ETF.

Bitcoin skyrockets to $35k

Unlike the previous ETF-triggered spike that faded just as quickly after it was the news was proved to be fake, this time BTC/USD smashed past the robust resistance at $32,800. The pump above this hurdle invalidated a bearish signal as the bellwether crypto asset to above $35k for the first time since early May, 2022.

Analysts are predicting further gains to $40k if bulls hold prices above the $31k level. This outlook could indicate strength for bulls and set up BTC for another explosive rally should the SEC make the formal announcement of a spot ETF approval.

Crypto analyst Michael van de Poppe commented in a post on X:

#Bitcoin did hold above $30,200 and started breaking the yearly high. Quite surprised with this strength, but that’s what you get pre-ETF approval. As long as we stay above $31K, everything is all right and we’ll see $40K this year. Times are good. Buy the dips.”

Another analyst, the YouTuber Crypto Rover, says a breakout for BTC above the resistance line of a key triangle pattern could see it rally to highs of $48k.

Latest on spot Bitcoin ETF approval

As noted above, BTC price went vertical on fresh expectations of a spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC). On Monday, iShares Bitcoin Trust, which is by the $9 trillion asset manager BlackRock, was listed on the Depository Trust and Clearing Corporation (DTCC) website, highlighted with the ticker $IBTC.

Eric Balchunas, a senior ETF analyst at Bloomberg says this is all “part of the process of bringing ETF to market.”

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