Bitcoin is gradually moving closer to the $35,000 trading level yet again, as the current bullish crypto price action has continued for the last few days.

The crypto market has picked up momentum, with Bitcoin’s movements heading towards $35,000. The bullish crypto price action has helped several tokens rise to their yearly highs. While long-term investors helped initiate the rally, inflows into crypto investment products have also surged. Bitcoin has emerged as one of the best investment asset classes in 2023.

Speculations for the spot Bitcoin ETFs have been the highest in recent times. Crypto stakeholders have expressed their confidence in approvals for the ETFs. The same could have led to the current green run in the crypto market. Meanwhile, public equity markets have stumbled at the same time. Top stocks in the S&P 500 have declined, which has been an opposite price action to crypto.

Noted advisory firm EY also made interesting insights on crypto recently. Its global blockchain leader, Paul Brody, said, “If you look at people who are buying Bitcoin, they are buying it as an asset. They are not buying it as a payment tool. Those who are buying Ethereum, are buying it as a computing platform for business transactions and DeFi [decentralized finance] services.”

He said institutional investors’ interest in crypto had spiked significantly. Crypto ETFs could further boost it, he claimed.

BTC/USD 1D price chart

Bitcoin is currently trading at around $34,500 on October 26, 2023, with BTC/USD trading higher by a margin of 2.5% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (28,942.55), as BTC’s 24-hour volume was at around $24 billion. 

Bitcoin has seen around 109.37% returns on a year-to-date basis. 7-day returns for BTC stand at 22.5%, while its 100-day EMA was at around $28,313.11. Bitcoin’s overall market capitalization is trading at around $676 billion. The crypto market surged by around 1.9% to over $1.32 trillion.

As the Fed policy meeting decided to keep rates unchanged, crypto trading signals took a buoyant turn, with the market surging to record highs of 2023.

Bitcoin saw a sharp rally in the last 24 hours as it progressed towards $36,000. The hype has relatively cooled down since, and it is trading above $35,000 at present. Crypto trading signals across the market have turned positive, with investors welcoming the Fed’s latest decision. The Fed policy meeting yielded positive results for crypto as it kept interest rates unchanged.

The move could lead to a significant rise in inflows into the crypto market. Bitcoin moved up with the predictions and touched a 17-month high. On the other hand, analysts also claimed the demand for the spot crypto ETFs had gradually increased recently. If the regulators approve the ETFs soon, the market could see a further spike by the end of the year.

Meanwhile, Solana also posted weekly returns of over 35%. It has gained over 142% since September, with a market cap of around $13 billion. ETH is also trading at $1830, while other tokens like ADA, XRP, and MATIC also witnessed rallies.

“Inflation has been coming down, but it’s still running well above our 2% target … A few months of good data are only the beginning of what it will take to build confidence,” said the Federal Reserve Chair, sending optimistic signals across markets worldwide.

BTC/USD 1D price chart

Bitcoin is currently trading at around $35,200 on November 2, 2023, with BTC/USD trading higher by a margin of 2.5% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (30,709.66), as BTC’s 24-hour volume was at around $25 billion. 

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Analysts noted how the spot Bitcoin ETF inflows had surged over $2 billion last week, which could have played a role in helping BTC consolidate over the $50,000 mark.

After a brief slowdown, Bitcoin traded between $51,000 and $52,000 in the last 24 hours. It had dipped closer to $50,000 but went through a gradual recovery. Meanwhile, the spot Bitcoin ETF inflows were consistently above $2 billion last week. The increasing inflows could have helped market sentiments .

Noting the encouraging numbers, Bloomberg analyst Eric Balchunas said, “The 10 Bitcoin ETFs netted +$2.3b last week. For context, that is more than any other ETF (out of 3,400) took in. $IBIT alone was #2. This brings total net to +$5b, which is more than BlackRock as a whole has taken in.”

As a result, Bitcoin’s adoption could also get boosted as more investors get exposure to the crypto market through the ETFs. Moreover, experts claim BTC could have more room for growth until the Bitcoin halving event. Further growth may also aid Bitcoin’s adoption as a mature asset class.

The last time BTC hit its all-time highs, interest rates were low. This year, the possibility of the Federal Reserve slashing interest rates may also induce a crypto rally. Other macroeconomic factors could stay uncertain till then.

Most altcoins were stagnant during the weekend, with low trading volumes. A few saw positive returns, like ADA, LINK, and DOT.

BTC/USD 1D price chart

Bitcoin is currently trading at around $51,500 on February 18, 2024, with BTC/USD trading lower by a margin of 0.7% in the last 24 hours. Bitcoin’s market cap was trading at around $1 trillion.

BTC/USD is trading higher than its 20-day EMA (44,693.44), as BTC’s 24-hour volume was at around $21 billion. The crypto market cap decreased by around 0.01%, trading above $1.96 trillion. BTC’s year-to-date returns are at 23.13%.
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