The post Bitcoin Breaches Halfway Mark To $31,000 appeared on BitcoinEthereumNews.com.

The price of Bitcoin is maintaining an upward trajectory, catching many off guard this weekend. As of now, BTC has surged by 3.0% in the last 24 hours, and sustaining a 12% rally in the last week. At $30,780, according to data by Coingecko, the top crypto is just inches away from reaching the vaunted $31K, a territory it briefly crossed in April 10 this year. The $30,000 mark holds considerable significance for Bitcoin, functioning as both a psychological milestone and a technical resistance point. Psychologically, it represents a round number that influences investor sentiment, inspiring confidence when surpassed and raising concerns when it becomes a barrier. Technically, $30,000 historically acts as a level where selling pressure tends to intensify, impacting short-term and long-term price movements. As a result, this price level is closely monitored by traders and investors, making it a critical reference point in the cryptocurrency market. The Anticipated Boost: Bitcoin ETF’s Impact On The Crypto Market There’s a lot of excitement about the possibility of the U.S. Securities and Exchange Commission allowing a Bitcoin exchange-traded fund (ETF). This could be a big boost for the struggling cryptocurrency market. Mike Novogratz, the CEO of Galaxy Digital, thinks it’s very likely that the U.S. will approve this kind of investment fund for Bitcoin soon. This news could be a major reason for Bitcoin’s price to go up. Bitcoin may soon break over its overhead resistance and begin a rapid surge, according to trading group Stockmoney Lizards. They anticipate widespread participation in the ETF and a subsequent surge in the run-up to the halving in April 2024. BTCUSD inching closer to the key $31K territory. Chart: TradingView.com The financial industry is currently witnessing the active participation of major players such as BlackRock, which manages assets above $10 trillion. These firms…

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Filed under: News - @ October 23, 2023 6:06 am