United

Bitcoin ETF

Bitcoin

Bitcoin’s price has rocketed to $36,800, representing a sharp 4% increase within the last 24 hours, a level not seen since May 2022. This rally has been attributed to a combination of market dynamics and speculative buzz, setting a fast-paced trading environment that left some investors scrambling. 
<figure id="attachment_25118" aria-describedby="caption-attachment-25118" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-25118 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/11/btc-price-1.jpg" alt="btc price 1" width="1200" height="655" srcset="https://crypto.ro/en/wp-content/uploads/2023/11/btc-price-1.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2023/11/btc-price-1-300x164.jpg 300w, https://crypto.ro/en/wp-content/uploads/2023/11/btc-price-1-1024x559.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2023/11/btc-price-1-768x419.jpg 768w, https://crypto.ro/en/wp-content/uploads/2023/11/btc-price-1-750x409.jpg 750w, https://crypto.ro/en/wp-content/uploads/2023/11/btc-price-1-1140x622.jpg 1140w" sizes="(max-width: 1200px) 100vw, 1200px" title="Why did Bitcoin price surge to $36,800? 16">
 <figcaption id="caption-attachment-25118" class="wp-caption-text">
 Bitcoin (BTC) 24 hours price chart | CoinMarketCap
 </figcaption>
</figure> 
The surge to $36,800 signals a robust 18-month high, aligning with a broader uptick in the crypto market that has painted the digital asset spectrum green, from <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ether</a> to <a href="https://crypto.ro/en/cryptocurrencies/cardano">Cardano</a>​. 
The substantial price movement has been pinpointed as <a href="https://crypto.ro/en/news/bitcoin-shakes-up-market-with-30m-short-liquidation/">the largest short squeeze</a> witnessed since late October, wherein over $161 million and $68.5 million worth of Bitcoin short positions were liquidated on consecutive days, propelling the price upward by more than 18%​. A similar phenomenon occurred today, catching several traders off guard, particularly those who were betting on the resistance at the $36,000 mark. 
Reports from CoinGlass indicating that the past 24 hours have seen nearly $150 million in liquidations, with a staggering 80% attributed to short positions. <a href="https://crypto.ro/en/bitcoin/">Bitcoin</a> alone accounted for over $65 million, asserting its dominance in the market and the volatility that comes hand in hand with it​. 
Bitcoin’s price ascended nearly 3% from $34,600 in a rapid succession. This squeeze has been a pivotal force in driving prices upward as investors who bet against Bitcoin were forced to buy back into the market at higher prices to cover their positions. 
Adding to the bullish momentum are multiple analysts who, alongside AI language models like ChatGPT, speculate that Bitcoin’s upward trajectory is far from peaking. Predictions have even been made suggesting that the cryptocurrency could reach new all-time highs in the coming months​​. 
Renewed speculations over<a href="https://crypto.ro/en/news/sec-ordered-to-re-evaluate-grayscales-proposal-for-a-spot-bitcoin-etf/"> the approval of a spot Bitcoin ETF</a> in the United States have also played a crucial role in bolstering investor sentiment​​. The market has been rife with discussions that the U.S. Securities and Exchange Commission might greenlight this financial product, which would mark a significant milestone for cryptocurrency integration into mainstream financial markets.

Why did Bitcoin price surge to $36,800?

crypto.ro global

Other articles published on Nov 9, 2023

Bitcoin Price Surges to Daily High, Solana and Chiliz Price Predictions

Polygon (MATIC) Traders Target Millions in Profits With This $100 Million Strategy

Bitcoin’s soar past $36k triggers $186m in liquidations

Preserving Paradise: Fundecor’s Alliance with Blockchain Jungle Saves 62,500 Sq Meters of Biodive...

Binance Now Supports opBNB Deposits and Withdrawals

MELB: The Community-Powered Gem of Minelab’s AI-Driven Cryptocurrency Mining

Join our free newsletter for daily crypto updates!