Bitcoin (BTC) is currently exhibiting bullish sentiment after testing the $35,000 resistance, spurred by excitement surrounding the potential approval of Bitcoin ETF.
Also, the listing of iShares Bitcoin Trust on Depository Trust & Clearing Corporation fueled the bullish move.
Interestingly, this news has injected fresh optimism into the crypto market, prompting questions about the possibility of BTC reaching $100,000 soon. The next few weeks are crucial in determining whether Bitcoin can successfully breach this key resistance and continue its upward trend.
BlackRock’s Spot Bitcoin ETF Now Listed on DTCC: A Bullish Catalyst for Bitcoin?
The development sparked positive sentiment on Bitcoin across the crypto market. Commenting on the development, Bloomberg ETF analyst Eric Balchunas tweeted that the listing was “all part of the process of bringing ETF to market.”
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
Further, Balchunas said iShares is the first spot ETF listed on DTCC. […] None of the others on there (yet),” the analyst confirmed. He asserted that BlackRock may have received the go-ahead from the SEC to list the ETF.
According to reports, the SEC has until January 10, 2024, to make a final call to approve or reject the asset manager’s ETF application. Speculations are that the SEC approving the BlockRock application could open doors for the approval of several other firm’s ETF fillings, including ARK Investment, Fidelity, and Valkyrie.
This move could significantly impact the price of Bitcoin. In context, ETFs provide a more accessible and regulated means for institutional investors to gain exposure to Bitcoin, attracting new capital into the crypto market.
Moreover, BlackRock’s involvement as an asset manager with substantial influence signals a growing acceptance of cryptocurrency within traditional finance sectors. This heightened legitimacy could further boost investor confidence in Bitcoin as an asset class.
As more investors gain access to Bitcoin through the ETF, demand for the cryptocurrency will likely increase, potentially leading to an upward price pressure.
BlackRock is allegedly buying a lot of Bitcoin in preparation for ETF listing. https://t.co/smbK9N02kW
— TwetaNews (@TwetaNews) October 24, 2023
Meanwhile, there have been rumors of BlackRock acquiring more BTC coins since this listing. This could attract more investors, companies, and countries accepting Bitcoin, potentially increasing its price. With this in mind, we could see BTC’s price reaching new highs before the next halving.
Bitcoin Records Massive Price Surge; What’s Next?
According to Coingecko data, Bitcoin rallied significantly as its price reached $35,000 for the first time this year. Its price has surged over 12% in the last 24 hours, with a 20.8% seven-day price increase and a 30% gain from its past month’s value.
As of 8:00 AM EST today, October 24, BTC is trading at $ 34,547 with a trading volume of over $51 billion. According to CoinGecko, the trading volume has increased by over 248.90% within the last 24 hours.
This data suggests the coin is under massive buy pressure as traders accumulate the token in the expectance of an upcoming bull run. However, will BTC sustain the ongoing bullish momentum even after the ETF buzz wanes?
Bitcoin Price Analysis: BTC Trades above SMAs, Target $40k Next
The chart below demonstrates Bitcoin’s bullish stance over the past 24 hours, evident in the long green candle. It suggests there are more buyers in the market than sellers.
Moreover, Bitcoin has breached the Simple Moving Averages (100 and 200-day SMAs), depicting a strong bullish sentiment. Furthermore, the Relative Strength Index is 70, signaling massive buy pressure. Meanwhile, investors should trade cautiously, as an RSI of 70 indicates a saturation point for buyers.
If the momentum drops, the price could decline to $31,000, where there is a notable market imbalance. However, this point is where BTC may reverse to the upside, targeting the $40,000 resistance.
Bitcoin Alternative, BTCMTX, Making Wave in the Crypto Market
Bitcoin Minetrix (BTCMTX), a new token in presale, has raised over $1 million. The project introduces a unique ” stake-to-mine ” feature that allows users to stake their BTCMTX tokens in exchange for non-transferable mining credits.
With Bitcoin Minetrex, anyone can mine Bitcoin as it provides a decentralized and tokenized cloud mining platform that ensures a secure and transparent mining experience.
Moreover, its stake-to-mine concept has gained considerable attention in the cryptocurrency community, generating interest from many enthusiasts. This distinctive feature adds to Bitcoin Minetrix’s appeal, positioning it as a noteworthy player in the cryptocurrency market.
Comparatively, Bitcoin (BTC) remains the largest cryptocurrency, with a market cap of $530 billion. While BTCMTX, a derivative of Bitcoin, may not experience the same rapid value increase, it holds the potential for higher returns.
This is due to its lower initial value, which presents an attractive entry point for early investors. Given its performance in the presale stage, now is the best time to get involved with the Bitcoin Minetrix project, as it could sell out and list on exchanges soon.
Cryptocurrency experts speculate that its price may experience significant growth once listed on exchanges. The token is trading at $0.112 and will increase in price in the next three days. Visit the official website to secure it at the most favorable price.