Bitcoin (BTC) and crypto markets are trending upwards today, with the general crypto market cap rising by close to 2% in the past hours. The current upsurge is a product of the ongoing spot bitcoin ETF mania within the cryptocurrency community.
BTC’s Price Action Today
Bitcoin is currently on a strong bullish trend despite starting the week at a weaker tone. The coin is trading at $38.6k, up from $37.8K, a 2.24% hike in the past 24 hours.
For most of the day, Bitcoin charts have been green. However, earlier in the past 24 hours, Bitcoin took a minor dive from $37.9K to $37.5K and continued to trade in the red zone for about 10 hours.
The coin later adopted a positive momentum to reach its current peak price, last seen in May 2022.
In the past fortnight, the crypto market has been fending off consistent attacks, leading to plunges. For instance, on November 17, Bitcoin was trading at $36K and was starting to recover, even hitting the $37.5K mark by November 21. At that point, Bitcoin looked set to surge into the $38K range.
However, following the Binance drama, BTC took a sharp dive to $35.7K on the 22nd. The crypto behemoth began a recovery to $38.2K a few days later.
At the moment, Bitcoin’s toughest resistance stands at the $40.1 mark. If Bitcoin surpasses that mark, its next price target will be the $45K to $48K range.
Spot Bitcoin ETF Mania Behind Price Surges?
The recent Bitcoin and crypto market bulls are a product of an increasing hype of spot ETF approvals. There have been major developments concerning spot BTC ETFs in the past few days.
Pando Asset became the latest institution to join the ETF train by filing for a spot Bitcoin ETF. Blackrock, the world’s largest asset manager, recently modified its spot Bitcoin ETF application to meet the requirements of the SEC.
Analysts point out some imminence in the approval of a spot Bitcoin ETF. However, most analysts believe that the first ETF approval will be in January 2024.
