Bitcoin ETF

Bitcoin

<div class="coinjournal">
 <ul>
 <li dir="ltr">Bitcoin (BTC) price rose sharply to $35k, its highest price since May 2022.</li>
 <li dir="ltr">The skyrocketing prices came as new speculation about a spot Bitcoin ETF approval hit the market.</li>
 <li dir="ltr">Analysts say BTC could break to $40k or higher.</li>
 </ul>
 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.
 <h2 dir="ltr" id="bitcoin-skyrockets-to-35k">Bitcoin skyrockets to $35k</h2>
 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.
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 The price target of this #Bitcoin breakout is $48,000 🚀 pic.twitter.com/rtaD637Jhm
 — Crypto Rover (@rovercrc) October 24, 2023
 </blockquote>
 
 <h2 dir="ltr" id="latest-on-spot-bitcoin-etf-approval">Latest on spot Bitcoin ETF approval</h2>
 As noted above, <a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> went vertical on <a rel="noopener noreferrer nofollow" title="fresh" href="https://thebittimes.com/tag/fresh.html">fresh</a> expectations of a spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> 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 $I<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>.
 Eric Balchunas, a senior ETF analyst at Bloomberg says this is all “part of the process of bringing ETF to market.”
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust &amp; Clearing Corporation, which clears NASDAQ trades). And the ticker will be $I<a rel="noopener noreferrer nofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a>. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
 — Eric Balchunas (@EricBalchunas) October 23, 2023
 </blockquote>
 
 While the SEC has yet to official approve any proposal, speculation is that this listing gives a nod to the potential approval. Also notable has been the SEC’s acknowledgement of the Grayscale filing for conversion of its GBTC to a spot Bitcoin ETF, paving the way for a possible listing.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-skyrockets-to-35k-on-fresh-spot-etf-news-tbt67504.html">https://thebittimes.com/bitcoin-price-skyrockets-to-35k-on-fresh-spot-etf-news-tbt67504.html</a>

Bitcoin price skyrockets to $35k on fresh spot ETF news

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