Bitcoin

Spot

James

<ul>
 <li><strong>The price of bitcoin has recently surged, reaching a level not seen since early May 2022.</strong></li>
 <li><strong>At the time of writing, Bitcoin is trading at $36,661, up 3.75% in the last 24 hours.</strong></li>
</ul>
<p>Despite the fact that some market watchers predicted that Bitcoin’s price wouldn’t be able to break above $36,000 by the close of the week’s trading session, it did just that. Many traders were taken off guard when the price of <a href="https://thenewscrypto.com/bitcoin-above-35000-indicates-bull-run-time-to-buy/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> surged beyond $36,500 and hit nearly $37,000. After being relatively flat for a few days, the price of bitcoin has recently surged, reaching a level not seen since early May 2022.</p>
<p>The rise in Bitcoin’s value may be traced back to revived rumors that the United States <a href="https://thenewscrypto.com/sec-chair-gary-gensler-roots-for-ftx-comeback/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> would eventually greenlight a spot Bitcoin exchange-traded fund (ETF).</p>
<p>As Bloomberg’s James Seyffart pointed out in an updated post published yesterday, the SEC is in a rare position of approving all 12 spot ETF applications over the upcoming eight days. Seyffart and Eric Balchunas still anticipate a 90% possibility of acceptance for at least part of the outstanding applications before January 10, 2024.</p>
<h3 class="wp-block-heading" id="significant-uptrend">Significant Uptrend</h3>
<p>At the time of writing, Bitcoin is trading at $36,661, up 3.75% in the last 24 hours as per data from CoinMarketCap. Moreover, trading volume is up 27.56%. The price was consolidating for a while before finally breaking out.</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/2023/11/BTC_7D_graph_coinmarketcap-2.png" alt="" class="wp-image-85440" srcset="https://thenewscrypto.com/wp-content/uploads/2023/11/BTC_7D_graph_coinmarketcap-2.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/11/BTC_7D_graph_coinmarketcap-2-300x181.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/11/BTC_7D_graph_coinmarketcap-2-150x90.png 150w" 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 continue the bullish momentum and breaks above the $39,300 resistance level, then it will likely head towards the $43,700 mark. Breaking above this level, will likely see price testing $47,400 key resistance level.</p>
<p>Contrarily, if the price goes below $34,230 support area then it will likely test $33,590 level. Further decline will likely see price testing $30,501 support level.</p>

Bitcoin Price Nears $37k Amidst Anticipation of Spot ETF Approval

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