Bitcoin ETF

Bitcoin

James

<ul>
 <li><strong>At the time of writing, Bitcoin is trading at $38,790, up 0.07% in the last 24 hours.</strong></li>
 <li><strong>If the price manages to go past the $39,000 mark then it will likely test $40,600.</strong></li>
</ul>
<p>The price of bitcoin has been rising sharply, and it is already approaching the $39,000 threshold. A major contributor to this gain is the recent <a href="https://thenewscrypto.com/binances-new-ceo-richard-teng-addresses-future-plans-in-recent-ama/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> settlement. At first, the market experienced conflicting signals from the $4.3 billion settlement that Binance reached with the US DOJ.</p>
<p>However, the market witnessed a positive shift once the dust settled. There was a 17% decline in Binance’s Bitcoin reserves in the outset, but those reserves have subsequently increased by over 1%.</p>
<h3 class="wp-block-heading" id="h-optimistic-outlook">Optimistic Outlook</h3>
<p>Institutional investors are pouring a lot of money into <a href="https://thenewscrypto.com/bitcoin-eyes-39000-threshold-as-bulls-exert-strong-pressure/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> and other cryptocurrencies, which is also fueling the current boom. Institutional investors have poured over $1.5 billion into the cryptocurrency market during the last year, according to CoinShares. The largest notable weekly influx since November 2021 was the $311 million that institutional investors put into Bitcoin only last week.</p>
<p>As the spot Bitcoin ETF clearance draws near, experts are getting more optimistic. James Seyffart, an analyst at Bloomberg, has provided some crucial information; he predicts that the approval date would fall anywhere between January 5 and January 10, of next year.</p>
<p>This prediction follows a series of intentionally postponed due dates, suggesting the SEC is making a coordinated effort to approve several ETF applications simultaneously. At the time of writing, Bitcoin is trading at $38,790, up 0.07% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 19.62%.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/12/BTC_7D_graph_coinmarketcap-1.png" alt="" class="wp-image-86780" srcset="https://thenewscrypto.com/wp-content/uploads/2023/12/BTC_7D_graph_coinmarketcap-1.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/12/BTC_7D_graph_coinmarketcap-1-300x181.png 300w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>If the price manages to go past the $39,000 mark then it will likely test $40,600 resistance level. However, if the price goes below $38,260 then it will likely test $37,520 support level.</p>

Bitcoin Eyes Breaking Above $39,000 as Bulls Still in Control

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