Bitcoin ETF

Bitcoin

James

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/why-is-bitcoin-price-up-today/">Why Is Bitcoin Price Up Today?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>Following the news of Bitcoin spot ETF entering a short eight-day window that would allow all twelve applications to be approved at once, the crypto market experienced a significant move in its value. <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> has successfully breached the $36,000 mark, indicating a strong bullish influence in the market.</p>
<p>James Seyffart, a well-known analyst with substantial followers over 49K on the “X” platform, has recently posted by covering the ongoing situation in the industry.</p>
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   <p lang="en" dir="ltr">New Research note from me today. We still believe 90% chance by Jan 10 for spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur <a href="https://t.co/u6dBva1ytD" rel="noopener noreferrer nofollow">pic.twitter.com/u6dBva1ytD</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1722321412218638632?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 8, 2023</a>
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<p>The analyst states there is still a 90% chance of approving the spot Bitcoin ETF by 10 January 2024, including Grayscales Bitcoin “GBTC.” Even if the approvals don’t arrive this month, there is a high chance of it getting approved in the near future, states the analyst.</p>
<p>Following the news of the Blackrock spot ETF application, the industry gathered major traction, resulting in the market experiencing increased price volatility in recent times.</p>
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis:</h2>
<p>The BTC price was seen trading in a closed space between $26,558.10 and $28,000 for a brief period, following which the market gained momentum and the price of Bitcoin crossed the key resistance level of $28,000 for the first time since June.</p>
<p>After trading sideways for about a week, the price regained momentum and broke out of multiple resistance levels until it was rejected at the important level of $35,000.</p>
<p>The market leader, Bitcoin, was then seen trading sideways for over two weeks until the price regained momentum recently and broke out of its resistance level at $36,000. It is preparing to test the upper resistance level of $37,000, of which the outcome is uncertain.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/CL4-YX6TEfUPkcph47UzaGZbTxF26pvb6PelWjDFThii7iLC3qBVUIvqf-UI9hz_BIjpGeqa-kFSpvOZr37AqV4sDiPgTFKfC3YTWLpew35LlCBIIlkAKyBqMX40DNoPUfZv9JZs3rmIBlPwRl7pAgE" alt="Bitcoin Price Analysis">
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<p>The MACD has displayed significant price volatility recently, indicating a massive ongoing price action for the star crypto. Further, the chart shows a rising green histogram, suggesting the price will continue gaining value in the coming days.</p>
<p>If the bulls continue to gain power, the BTC price will prepare itself and make a run to test its resistance level of $37,033.37 soon. Maintaining the price at that level will set the stage for the market to attempt to test its upper resistance level of $38,082.91 in the coming weeks.</p>
<p>Conversely, if the bears overpowered the BTC bulls, the price would lose momentum and fall to test its support level of $36,000. Moreover, if the bears continue to dominate the market, it will continue to lose value and test its lower support level of $35,000 this month.</p>

Why Is Bitcoin Price Up Today?

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