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<![CDATA[<figure class="image"><img src="https://cimg.co/news/126826/334881/24-1.jpg" srcset="https://cimg.co/news/126826/334881/responsive-images/24-1___media_library_original_1280_720.jpg 1280w, https://cimg.co/news/126826/334881/responsive-images/24-1___media_library_original_1200_675.jpg 1200w, https://cimg.co/news/126826/334881/responsive-images/24-1___media_library_original_900_506.jpg 900w, https://cimg.co/news/126826/334881/responsive-images/24-1___media_library_original_720_405.jpg 720w, https://cimg.co/news/126826/334881/responsive-images/24-1___media_library_original_600_338.jpg 600w, https://cimg.co/news/126826/334881/responsive-images/24-1___media_library_original_300_169.jpg 300w" width="1280" class="content-img" alt=""></figure><p><a href="https://www.tradingview.com/symbols/BTCUSD/">Bitcoin</a> (BTC), the most valuable cryptocurrency in the world, has recently achieved a significant milestone by surpassing $34,000. This represents its highest point in the past three months.&nbsp;</p><p>The increase in value can be attributed to the increasing optimism regarding the potential approval of a <a href="https://cryptonews.com/guides/a-beginner-s-guide-to-bitcoin-etfs.htm">Bitcoin Exchange-Traded Fund (ETF).</a></p><figure class="media"><oembed url="https://twitter.com/ordinalswallet/status/1716586090583248933"></oembed></figure><p>The global cryptocurrency market's total value now stands at $1.27 trillion, with a 10% gain in the past 24 hours.</p><h2 id="strong-bitcoin-s-surge-sparks-massive-liquidations-and-institutional-interest-strong"><strong>Bitcoin's Surge Sparks Massive Liquidations and Institutional Interest</strong></h2><p>It's worth noting that as Bitcoin's price surged past $34,000, it caused losses of over $220 million for traders who were betting against it in the last 24 hours.</p><p>According to <a href="https://www.coinglass.com/LiquidationData">Coinglass</a>, the entire cryptocurrency market experienced over $400 million in liquidations during the past day. Short positions suffered the most, losing over $304 million compared to $97.5 million in long positions.&nbsp;</p><p>This marks the largest liquidation since August 17, when Bitcoin's price dropped by 9% and fell below $25,000.&nbsp;</p><figure class="media"><oembed url="https://twitter.com/tafouio/status/1716789504856436845"></oembed></figure><h3 id="strong-bitcoin-surges-by-13-in-24-hours-reaching-34-600-strong"><strong>Bitcoin Surges by 13% in 24 Hours, Reaching $34,600</strong></h3><p>Bitcoin, the world's largest digital currency, has experienced a surge of over 13% in the past 24 hours, bringing its trading price to $34,614.&nbsp;</p><p>This increase has also contributed to a significant rise in the total cryptocurrency market capitalization, which now stands at $1.32 trillion, marking a nearly 10% increase within the same time frame.</p><p>According to Sergei Gorev, the risk manager at YouHodler, Bitcoin is increasingly attracting interest from institutional investors. This is primarily due to economic uncertainty and global instability.&nbsp;</p><p>Gorev highlights that capital is flowing into cryptocurrency products, with a significant portion being directed towards Bitcoin.</p><figure class="media"><oembed url="https://twitter.com/tafouio/status/1716789504856436845"></oembed></figure><p>The growing interest in Bitcoin as an asset is driven by people seeking to safeguard their savings against the impact of global inflation.&nbsp;</p><p>Gorev's comments align with a recent report, which reveals that digital asset investment products received $66 million in net inflows last week. This marks the fourth consecutive week of positive flows, with a total of $179 million invested.&nbsp;</p><p>The combination of Bitcoin surpassing the $34,000 mark, the notable institutional interest, and the increasing regulatory optimism has resulted in a 13% price increase. Consequently, this has enhanced the value and market capitalization of BTC.</p><h2 id="strong-sec-commissioner-s-support-for-bitcoin-etf-spurs-market-speculation-strong"><strong>SEC Commissioner's Support for Bitcoin ETF Spurs Market Speculation</strong></h2><p>Amid rising anticipation in the cryptocurrency community, SEC Commissioner Hester Peirce openly voiced her support for a bitcoin exchange-traded fund (ETF) in a recent <a href="https://www.cnbc.com/video/2023/10/23/sec-commissioner-peirce-the-logic-for-why-we-havent-approved-a-bitcoin-etf-has-always-mystified-me.html">CNBC interview</a>.&nbsp;</p><p>Her perspective starkly contrasts with the SEC's extended reluctance on the issue, introducing a captivating twist to the current discussion.</p><figure class="media"><oembed url="https://twitter.com/rovercrc/status/1716805593216749720"></oembed></figure><p>While Hester Peirce is recognized for her advocacy of crypto innovation, her latest comments underscore a notable split within the SEC. She conveyed her bewilderment at the delay, given the surging market demand and robust institutional interest in Bitcoin.</p><p>The anticipation isn't limited to the crypto sector. Key financial entities like Grayscale, BlackRock, Invesco, Valkyrie, and Fidelity have all submitted applications for spot Bitcoin ETFs.&nbsp;</p><p>Grayscale, especially, aims to transform its Bitcoin Trust into a spot ETF and has secured a favorable court ruling, prompting the SEC to reconsider its application.</p><p>Consequently, Hester Peirce's backing of a Bitcoin ETF positively influenced BTC's price, enhancing its upward trajectory and nurturing hope for broader acceptance.</p><h2 id="strong-bitcoin-price-prediction-strong"><strong>Bitcoin Price Prediction</strong></h2><p>On October 24, <a href="https://cryptonews.com/news/bitcoin-news/">Bitcoin</a>'s technical overview showed interesting data points. The 4-hour chart marked a pivot point at $31,500, with resistances at $34,700, $36,071, and $38,770. Immediate support was at $30,335, trailed by $29,201 and $28,403.&nbsp;</p><figure class="image"><img src="https://cimg.co/news/126826/334884/btc.jpg" srcset="https://cimg.co/news/126826/334884/responsive-images/btc___media_library_original_1792_870.jpg 1792w, https://cimg.co/news/126826/334884/responsive-images/btc___media_library_original_1200_583.jpg 1200w, https://cimg.co/news/126826/334884/responsive-images/btc___media_library_original_900_437.jpg 900w, https://cimg.co/news/126826/334884/responsive-images/btc___media_library_original_720_350.jpg 720w, https://cimg.co/news/126826/334884/responsive-images/btc___media_library_original_600_291.jpg 600w, https://cimg.co/news/126826/334884/responsive-images/btc___media_library_original_300_146.jpg 300w" width="1792" class="content-img" alt=""><figcaption><strong>Bitcoin Price Chart - Source: Tradingview</strong></figcaption></figure><p>The high Relative Strength Index (RSI) of 87 suggests an overbought situation, hinting at potential market adjustments. An RSI above 50 usually indicates bullish sentiment.</p><p>Bitcoin's price is above the 50-day EMA of $29,814, affirming a bullish trend. A drop below could ignite bearish feelings. The daily chart features the "Three White Soldiers" pattern, indicating strong buying.&nbsp;</p><p>Yet, the high RSI and resistance at the $34,700 Fibonacci extension suggest potential bearish corrections. If Bitcoin breaks the $34,700 resistance, it might aim for $36,071.&nbsp;</p><p>Otherwise, a dip to lower support levels could occur. Investors should research thoroughly before investing.</p><h2 id="strong-top-15-cryptocurrencies-to-watch-in-2023-strong"><strong>Top 15 Cryptocurrencies to Watch in 2023</strong></h2><p>Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023.&nbsp;</p><p>Our list has been curated by professionals from Industry Talk and <i>Cryptonews</i>, ensuring expert advice and critical insights for your cryptocurrency investments.&nbsp;</p><p>Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.</p><div class="raw-html-embed"><div style="background: #920047;margin-bottom: 20px;width: 50%;text-align: center;padding: 8px;border-radius: 5px;background-image: linear-gradient(107deg,#930046,#59008a);color: white;padding-left: 1em;padding-right: 1em; font-size: 16px;"><a style="text-decoration:none;color:white" href="https://cryptonews.com/news/new-cryptocurrency.htm" target="_blank" rel="nofollow noindex">See the 15 Cryptocurrencies</a></div></div><h2 id="strong-find-the-best-price-to-buy-sell-cryptocurrency-strong"><strong>Find The Best Price to Buy/Sell Cryptocurrency</strong></h2><figure class="image"><img src="https://cimg.co/news/126826/334885/screenshot-44.jpg" srcset="" width="" class="content-img" alt=""><figcaption><strong>Cryptocurrency Price Tracker - Source: Cryptonews.com</strong></figcaption></figure><p><i><sup>Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.</sup></i></p>
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Bitcoin Price Prediction as BTC Touches $35,000 for First Time Since May Last Year: Can an ETF Approval Send BTC to $100,000?

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