- Bitcoin’s value recently increased to $37,967, a two-year high.
- Bloomberg analysts predict a 90% chance of a Bitcoin ETF approval.
- MicroStrategy’s Bitcoin investment has yielded a profit exceeding $1.1 billion.
The recent significant increase in Bitcoin’s value to $37,967, a high not seen in almost two years, has garnered the interest of cryptocurrency investors and enthusiasts. This notable rise is due to the escalating expectations for a Bitcoin Exchange-Traded Fund (ETF) and heightened interest from significant institutional entities.
Bloomberg analysts have forecasted a 90% probability of a spot Bitcoin ETF being approved by January 10, even if it doesn’t receive approval immediately. It’s important to note that the U.S. Securities and Exchange Commission (SEC) has so far denied several spot Bitcoin ETF applications, including those submitted by industry heavyweights such as BlackRock, Fidelity, ARK Invest, and 21Shares.
Additionally, analysts at CryptoQuant have a positive outlook on the possible effects of ETF approval. They predict a remarkable $1 trillion surge in Bitcoin’s market capitalization if the regulatory approval is granted.
In light of recent events, Bitcoin’s societal prominence is on the rise, evidenced by a remarkable 51% increase in trading volume in the last 24 hours. Concurrently, the open interest in Bitcoin futures has escalated to $7.2 billion, signifying heightened engagement and activity in the market.
In a corresponding event, MicroStrategy, a notable proponent of cryptocurrency, is said to have invested $5.3 million to purchase 155 BTC at an average cost of $34,194 in October. The total Bitcoin assets of MicroStrategy are now 158,400 BTC, purchased at an average rate of $29,587. Given the present BTC price, the company’s Bitcoin investment has yielded a profit exceeding $1.1 billion.
Is Bitcoin about to touch the $40K mark?
A review of the latest price fluctuations indicates a positive trend on the daily graph. The 9-day exponential moving average (EMA) is presently positioned under the trading price of $35,572. Nevertheless, the daily relative strength index (RSI) shows an overbought situation, with a value of 81.
Should Bitcoin surpass the resistance level of $39,300, it may aim for the $43,700 benchmark. A successful breach of this level could potentially lead to an examination of the crucial resistance level at $47,400.
Conversely, if Bitcoin falls below the support area of $34,230, it could test the $33,590 level. Further decreases could result in a test of the $30,501 support level.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
