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<p>The post <a href="https://coinpedia.org/news/bitcoin-hits-18-month-high-price-whats-driving-the-bull-run/">Why Crypto Market is up today? Here Are Top Factors</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Over the weekend, Bitcoin surprised everyone by jumping past $40,000 and hitting $41,500 on Monday. Ethereum also joined the party, going over $2,260 in a wider rally across the crypto market. But what’s the factor driving up the price of this cryptocurrency?</p> 
<h2 class="wp-block-heading" id="h-top-reason-behind-market-rise">Top Reason Behind Market Rise</h2> 
<p>December has brought good vibes to the crypto world, making various digital currencies go up. Perhaps the recent jump in prices is connected to the growing anticipation for a Spot Bitcoin ETF approval, the upcoming Bitcoin halving in 2024, and other positive feelings in the market.&nbsp;</p> 
<p>Aside from this, recent dovish remarks from Fed officials contributed to the recent gains noted in the digital asset space.</p> 
<p>Right now, BTC is at <a href="https://markets.coinpedia.org/bitcoin/?_gl=1*pm9ytw*_ga*NTQzNDc3MzQ4LjE2OTcxODMzODc.*_ga_RE1GG3FGQW*MTcwMTY3NDU0OC40NS4xLjE3MDE2NzQ5MDQuNTAuMC4w&amp;pk_vid=54976fb381ef2c0e1701674904cf80e5">$41,246</a>, up by 5.3%, with a market cap of $806 billion. Ethereum is also up, reaching $2,205. Most top-10 cryptocurrencies saw small gains, but BNB, linked with Binance, went down by 0.1%.</p> 
<h2 class="wp-block-heading" id="h-fomo-buying-into-bitcoin">FOMO Buying Into Bitcoin</h2> 
<p>Simultaneously, the digital asset industry is closely monitoring applications submitted by major players, including <a href="https://coinpedia.org/news/this-will-be-bitcoin-btc-price-after-blackrock-etf-approval-expert-prediction/">BlackRock Inc</a>., for the introduction of the first U.S. spot Bitcoin ETFs.&nbsp;</p> 
<p>Bloomberg Intelligence predicts that a group of these funds is likely to receive SEC approval by January, significantly impacting the digital asset market.</p> 
<p>As inflation cools down, investors are thinking the Federal Reserve won’t raise interest rates more. They’re now wondering if rates might actually go down, which is good news for global markets.</p> 
<p>Meanwhile, this is the first time Bitcoin has gone over $40,000 in 18 months, and people are curious about what might happen next. Analysts think that news about Bitcoin ETFs could influence it to reach $50,000.</p> 
<h2 class="wp-block-heading" id="h-next-huddle-for-bitcoin">Next Huddle for Bitcoin</h2> 
<p>According to technical charts, the next resistance for Bitcoin is projected at $42,330. Observations by CrediBULL Crypto suggest that despite the ongoing upward movement, open interest (OI) remains relatively low.&nbsp;</p> 
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   <p lang="en" dir="ltr">OI remains relatively low here as price continues to climb. <br><br>Even when we did get a flush from these levels of OI the most we saw was a $2,000 drop to the downside before OI hit the "baseline" which marked our bottom.<br><br>We're trading at 40.5k. <br><br>Local bullish invalidation is at… <a href="https://t.co/lyt83ddz58">https://t.co/lyt83ddz58</a> <a href="https://t.co/o4Xz7soIut">pic.twitter.com/o4Xz7soIut</a></p>— CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1731502987279831314?ref_src=twsrc%5Etfw">December 4, 2023</a>
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<p>A few experts even think Bitcoin could hit $60,000 before the next halving in April 2024. The crypto community is now eagerly watching as the market dynamics continue to evolve amidst these exciting developments.</p>

Why Crypto Market is up today? Here Are Top Factors

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