Bitcoin ETF

Bitcoin

<ul>
 <li><strong>Bitcoin remarkable 23% surge sparks optimism in the market.</strong></li>
 <li><strong>Glassnode’s data reveals the growing trend of BTC HODLing.</strong></li>
</ul>
<p>Bitcoin, the largest cryptocurrency by market capitalization, has sent the entire community into a joyful frenzy with its remarkable bull run, a sight unseen for over a year. Bears had held sway since the beginning of the year, thwarting the attempts of the bulls to stage a comeback. However, last week marked a significant shift, etching a historic chapter in the crypto saga of 2023.</p>
<p>During that remarkable week, Bitcoin surged by 23%. It commenced the week with its trading price hovering around $28,000, but it shattered the $29,000 resistance level. On October 23, it soared to $34,787, followed by reaching a 17-month high of <a href="https://thenewscrypto.com/bitcoin-makes-16-month-high-crossing-35k/" rel="noopener noreferrer nofollow">$35,292</a> on October 24. After a minor dip, it maintained its momentum, trading between $33,000 and $34,000. Then it surpassed $35,000 yet again yesterday, solidifying its bullish trend.</p>
<p>The anticipation of Bitcoin ETFs has been a pivotal driver of these price fluctuations, igniting hope within the community and traders that unprecedented highs may be reached once the ETFs receive approval. A week ago, false reports of ETF approval from a popular media outlet managed to temporarily silence the Bitcoin bears, further emphasizing the significance of ETF news.</p>
<p>Last week’s bull run can largely attribute its cause to an incident involving BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC, which temporarily disappeared from the Depository Trust &amp; Clearing Corporation’s (DTCC) website. Although the ticker was subsequently relisted, this event generated speculations surrounding ETF approval.</p>
<p>Moreover, a recent assessment by prominent crypto data aggregator Glassnode regarding the state of Bitcoin revealed a growing trend of “HODLing,” as over 600,000 BTC have remained dormant for the last decade. This amount surpasses the BTC available on exchanges, indicating significant market dynamics.</p>
<h3 class="wp-block-heading" id="h-will-the-btc-bulls-remain-stronger">Will The BTC Bulls Remain Stronger?</h3>
<p>A closer analysis of Bitcoin’s current price movements reveals the dominance of bullish forces. The 9-day exponential moving average (EMA) is situated below the current trading price of $32,003. Simultaneously, the daily relative strength index (RSI) stands above 70, indicating that the asset has entered overbought territory.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="466" src="https://thenewscrypto.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-26_11-24-39-1024x466.png" alt="" class="wp-image-84540" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-26_11-24-39-1024x466.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-26_11-24-39-300x136.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-26_11-24-39-768x349.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-26_11-24-39-150x68.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTCUSDT_2023-10-26_11-24-39.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Price Chart, Source: TradingView
  </figcaption>
 </figure>
</div>
<p>If Bitcoin succeeds in breaking the $36,000 mark, a rally toward $46,100 appears highly likely. Conversely, if the price were to dip below the crucial support level of $28,160, a downward move toward $27,250 becomes a plausible scenario. Further declines could lead to price testing at the $26,600 support level.</p>

Bitcoin Bulls On The Rise: New Highs Coming?

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