Bitcoin (BTC) price reclaimed $37,000 on Monday as the crypto market started the week strongly and with investors regaining confidence in the market. On-chain analysis identifies the key reasons that could propel BTC prices higher this week.<\/p>\n
Bitcoin was up 1.77% and was halfway to the vaunted $38,000<\/a> level at the time of writing, with its trading volume soaring 21% to a little over $14 billion. The recent gains in the crypto\u2019s price have also helped it to erase some of its recent losses, as evidenced by a surge of around 0.55% in its price over the last seven days.<\/p>\n This increase is a reflection of the market\u2019s rising hope for the US government to approve a spot Bitcoin exchange-traded fund.<\/a> But the SEC is still on the fence, putting off judgments on many Bitcoin ETF proposals until 2024.<\/p>\n Bitcoin (BTC) continues to generate significant discussion on social media, despite the SEC failing to meet the designated eight-day timeframe for approving spot Bitcoin ETFs.<\/p>\n However, a recent explanation for the delays has emerged, suggesting that the financial regulator has shown a preference for cash-based creations of ETFs rather than cryptocurrency-based ones. It is also believed that the agency is actively communicating with exchanges over this matter.<\/p>\n Bitcoin\u2019s latest price ascent<\/a> was in part driven by the election of Javier Milei, a politician who supports the adoption of bitcoin,<\/a> as the President of Argentina.<\/p>\n Nevertheless, several traders caution about a potential market response subsequent to the disclosure of Federal Reserve meeting minutes on Tuesday, anticipating a period of reduced market liquidity towards the conclusion of the current business week.<\/p>\n Anticipations are high for a forthcoming week of notable activity within the cryptocurrency sphere, as discerned by market participants who foresee a series of events and announcements capable of influencing market trajectories.<\/p>\n\n Eminent eToro markets analyst, Simon Peters, underscored the imminent release of the Fed\u2019s latest meeting notes, slated for tomorrow. Peters articulated the consequential nature of these minutes, portraying them as a conduit for acquiring profound insights into the prevailing perspectives of the central bank.<\/p>\n Against the backdrop of a decelerating inflationary trajectory, investors are particularly attuned to discerning further substantiation affirming the prospect that the present juncture may signify the culmination of peak interest rates.<\/p>\n\n What Lies Ahead For Bitcoin<\/strong><\/p>\n This forthcoming week beckons vigilant attention as participants await the nuanced signals that may resonate throughout the broader landscape of the market.<\/p>\n Meanwhile, based on a deeper look at the daily chart, it is evident that there is currently a bullish sentiment surrounding the price of Bitcoin as it approaches a critical resistance level. If the closing bar lines up close to that threshold, the impending test of this resistance level points to a possible breakout situation.<\/p>\n The excitement that is building up in this situation might be the impetus for a significant spike that takes the top altcoin\u2019s price up to $39,000.<\/p>\n There has been a lot of excitement among market watchers due to this suggestive bullish momentum, which is the approaching challenge to the resistance level.<\/p>\n (This site\u2019s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n Featured image from Freepik<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin (BTC) price reclaimed $37,000 on Monday as the crypto market started the week strongly and with investors regaining confidence in the market. On-chain analysis identifies the key reasons that could propel BTC prices higher this week.<\/p>\n Bitcoin was up 1.77% and was halfway to the vaunted $38,000<\/a> level at the time of writing, with its trading volume soaring 21% to a little over $14 billion. The recent gains in the crypto\u2019s price have also helped it to erase some of its recent losses, as evidenced by a surge of around 0.55% in its price over the last seven days.<\/p>\n This increase is a reflection of the market\u2019s rising hope for the US government to approve a spot Bitcoin exchange-traded fund.<\/a> But the SEC is still on the fence, putting off judgments on many Bitcoin ETF proposals until 2024.<\/p>\n Bitcoin (BTC) continues to generate significant discussion on social media, despite the SEC failing to meet the designated eight-day timeframe for approving spot Bitcoin ETFs.<\/p>\n However, a recent explanation for the delays has emerged, suggesting that the financial regulator has shown a preference for cash-based creations of ETFs rather than cryptocurrency-based ones. It is also believed that the agency is actively communicating with exchanges over this matter.<\/p>\n Bitcoin\u2019s latest price ascent<\/a> was in part driven by the election of Javier Milei, a politician who supports the adoption of bitcoin,<\/a> as the President of Argentina.<\/p>\n Nevertheless, several traders caution about a potential market response subsequent to the disclosure of Federal Reserve meeting minutes on Tuesday, anticipating a period of reduced market liquidity towards the conclusion of the current business week.<\/p>\n Anticipations are high for a forthcoming week of notable activity within the cryptocurrency sphere, as discerned by market participants who foresee a series of events and announcements capable of influencing market trajectories.<\/p>\n Eminent eToro markets analyst, Simon Peters, underscored the imminent release of the Fed\u2019s latest meeting notes, slated for tomorrow. Peters articulated the consequential nature of these minutes, portraying them as a conduit for acquiring profound insights into the prevailing perspectives of the central bank.<\/p>\n Against the backdrop of a decelerating inflationary trajectory, investors are particularly attuned to discerning further substantiation affirming the prospect that the present juncture may signify the culmination of peak interest rates.<\/p>\n What Lies Ahead For Bitcoin<\/strong><\/p>\n This forthcoming week beckons vigilant attention as participants await the nuanced signals that may resonate throughout the broader landscape of the market.<\/p>\n Meanwhile, based on a deeper look at the daily chart, it is evident that there is currently a bullish sentiment surrounding the price of Bitcoin as it approaches a critical resistance level. If the closing bar lines up close to that threshold, the impending test of this resistance level points to a possible breakout situation.<\/p>\n The excitement that is building up in this situation might be the impetus for a significant spike that takes the top altcoin\u2019s price up to $39,000.<\/p>\n There has been a lot of excitement among market watchers due to this suggestive bullish momentum, which is the approaching challenge to the resistance level.<\/p>\n (This site\u2019s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n Featured image from Freepik<\/em><\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32877","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32877"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32877\/revisions"}],"predecessor-version":[{"id":32889,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32877\/revisions\/32889"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32877"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Anticipation Of Bitcoin ETF Nod<\/strong><\/h2>\n
Bitcoin Gets Price Lift From Milei Win<\/strong><\/h2>\n
Anticipation Of Bitcoin ETF Nod<\/strong><\/h2>\n
Bitcoin Gets Price Lift From Milei Win<\/strong><\/h2>\n