Bitcoin

<p></p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/60e97c41558842879848779e2e41af2f.JPG" /><h3 id="the-bitcoin-price-rose-sharply-having-updated-the-annual-maximum-our-experts-named-the-factors-influencing-the-growth-of-the-cryptocurrency-39-s-price-and-its-future-goals">The Bitcoin price rose sharply, having updated the annual maximum. Our experts named the factors influencing the growth of the cryptocurrency&#39;s price and its future goals</h3><p>On October 24, the Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">exchange rate</a> rose sharply to 35 thousand. And reaching a level that was last recorded in May 2022. A few hours before the growth began, it became known that two major companies - BlackRock and Grayscale. Have come close to approving applications for their own exchange-traded funds (ETFs) for bitcoin. The launch of such ETFs is considered in the crypto community as a catalyst for a new bull cycle in the market.</p><p>The price movement came after details of BlackRock&#39;s bitcoin ETF called iShares Bitcoin Trust appeared on a list. Which is maintained by the Depository Trust and Clearing Corporation (DTCC).</p><p>Various exchange traded funds (ETFs), including gold, have trillions of dollars in assets under management. In the crypto community, it is commonly believed that even a small percentage of this capital can potentially impact the global crypto market. Several management companies are now awaiting approval of their own bitcoin ETFs from the U.S. Securities and Exchange Commission (SEC).</p><p>If their ETFs are approved, the demand for cryptocurrency will increase: buying shares of the funds implies the delivery of bitcoin as an underlying asset. That is, its direct purchase in the market, affecting the exchange rate. Under the management of BlackRock alone are assets totaling about $9 trillion. According to the assessment of the analytical company Chainalusis, it is North America is the largest cryptocurrency market. And its annual turnover is approximately $1.2 trillion. This amount exceeds 24% of the global annual volume of transactions in cryptocurrency.</p><h3 id="growth-factors">Growth Factors</h3><p>Shortly before the rise, it also became known that the court issued an order. Which requires the SEC to review Grayscale&#39;s application to convert its Grayscale Bitcoin Trust (GBTC) into a full-fledged spot bitcoin-ETF. Grayscale has been seeking this since 2021, when it first sued the regulator. And challenging its past denials of its application. The amount of assets in its trust exceeds $19 billion.</p><p>The growth of the last few days is a consequence of the realization of a complex of factors, our experts believe. On the one hand, a significant buying position was formed in the range of $26-28 th. And that is clearly seen by the growth of open interest in recent weeks.</p><h3 id="the-change-of-trend-to-bullish-has-taken-place">The change of trend to bullish has taken place ?</h3><p>Another important factor that added impetus to the growth of bitcoin rate. It was the exit from the narrow trading range, formed since the summer, our experts explain. This led to the liquidation of a significant volume of short positions.</p><p>During the day, a sharp rise in the rate of bitcoin and other cryptocurrencies provoked a mass forced closing of traders&#39; marginal positions. And who were unable to add collateral to their orders. More than 70% of them were in &#34;short&#34;, that is, betting on the fall of the market. According to the Coinglass service, which tracks the wallets of major crypto exchanges, positions totaling $400 million were forcibly liquidated from October 23 to October 24.</p><h3 id="what-will-happen-next-with-the-btc-price">What will happen next with the BTC price</h3><p>Judging by the current momentum towards $35 thousand, the price movement is in an active phase. And it is unlikely that the market will start fixing positions in the near future. The realization of the main factor (ETF approval) is still far away, and market participants will continue to form long positions in anticipation of this event.</p><p>From the point of view of technical analysis, there was a &#34;void&#34; after the level of $31.5 th. And we quickly covered this distance after the breakdown at the expense of traders. Who took short positions (in particular, those who traded a potential &#34;Head and Shoulders&#34; in the daily range).</p><p>&#34;Head and Shoulders&#34; is one of the most famous technical analysis figures indicating a trend reversal. It appears on the chart when a new price peak is drawn after an uptrend, but already below the maximum price. The maximum price peak is seen as a &#34;head&#34;, and the surrounding lower peaks are seen as &#34;shoulders&#34;. When the price crosses the so-called neck line, it often means a change of trend.</p><p>Further big players will continue to provoke liquidation of short positions even for those traders who trade with low leverage. The next target our experts call fixing of the price at the level of $36 thousand. In this regard, <a href="https://crypto-upvotes.com/about-us/" rel="noopener noreferrer nofollow">our experts</a> continue to expect reaching the level of $40 th. by the end of this year.</p>

Bitcoin rose rapidly to $35 thousand. Why it happened and what will happen to the price

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