Featured image from Unsplash \/ Kanchanara, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has risen above $38,000 in the last few hours, and for the first time this year closed a 4-hour candle above this crucial price level – a very bullish sign that BTC could rise further. These are reasons behind BTC’s latest price surge: #1 Anticipation Of Spot Bitcoin ETF Approval The recent uptick in the Bitcoin price can probably be attributed in part to developments around the potential approval of a spot Bitcoin ETF. Bloomberg ETF analyst James Seyffart stated on X, \u201cOkay the window for potential spot Bitcoin ETF approval is looking like it’s gonna be between Jan 5 & Jan 10 2024.\u201d This observation follows the SEC’s announcement about publishing the Franklin\/Hashdex delays today, December 1. Scott Johnsson, a lawyer at Davis Polk, agreed with Seyffart, \u201cThis puts the comment period ending at January 5. Ark\/21 Shares deadline on January 10.\u201d Related Reading: 3 Bitcoin-Like Proof Of Work Altcoins That Could Make You A Millionaire In 2024 Moreover, Nate Geraci of ETF Store brought further optimism with his comments yesterday, “Another meeting yesterday between Grayscale & SEC. Absolutely fascinated to see how this all plays out, especially timing of GBTC uplisting vs launch of competing spot BTC ETFs. Btw, if you’re tired of me tweeting about this, good news is I think we’re approaching the finish line.” These developments suggest that a spot Bitcoin ETF is only a question of when, not if. They also show a growing consensus between ETF applicants and the SEC, which only wants to fine-tune all proposals before approving a batch or all 12 applicants (besides Pando Asset) at once. #2 MicroStrategy Will Buy More BTC Another driving force could be MicroStrategy’s unwavering commitment to Bitcoin. The company’s latest filing revealed an additional purchase of 16,130 BTC, amounting to roughly $608 million. This acquisition, at an average price of about $36,785 per Bitcoin, takes MicroStrategy’s total holdings to 174,530 BTC. However, what was even more important was the news that MicroStrategy is already planning its next Bitcoin buys. The company has entered into an agreement to offer up to $750 million worth of class A common stock, a move interpreted by many as a preparation for further Bitcoin purchases. This means that Saylor will buy even more BTC in the coming weeks or months, definitely making a positive impact on BTC price. The news is definitely bullish for the price, while some traders might want to front run it. #3 Market Dynamics The current market dynamics surrounding Bitcoin’s price surge have been closely scrutinized by leading crypto analysts, revealing nuanced insights into the behavior of market participants. Crypto analyst Skew highlighted a specific pattern in the buying behavior, indicating a strategic approach by market players. Related Reading: Bitcoin Spot ETF In January 2024: A New Player Just Joined The Game He stated \u201cFairly obvious taker twap bidding on the corn here. Open Interest & Delta: Looking like both longs & shorts are chasing this move.\u201d This comment suggests that both bullish and bearish traders are actively participating, leading to heightened market volatility and price movement. Additionally, Skew pointed out specific activity on the Binance spot market: \u201cStill persistent spot supply around mid $38K area. Bid driven by spot takers & limit asks were filled. If takers can sustain bid momentum & clear that supply then could be looking for limit chasing on the bid for higher prices.\u201d Byzantine General, another crypto analyst, found another major driver for the recent price action. He stated, \u201cSpot markets are still trading at a premium, not just Coinbase. And the fact that USD markets are consistently trading a lot higher than USDT markets makes me think that perhaps new money is flowing in.\u201d #4 Breakout Move On Lower Time Frames From a technical standpoint, crypto pundit Scott Melker observed a breakout move on the lower time frames. He noted, “Bitcoin breaking out on low time frame. \u201c In the 15-minute chart, Bitcoin has been trading within a descending channel, a pattern marked by sequential lower highs and lower lows. This typically reflects a bearish trend. However, a few hours ago, the Bitcoin price has managed to break above the upper boundary of this channel, a movement that is often interpreted as a potential reversal signal. The low time frame breakout is significant for traders because it indicates a shift in short-term sentiment, possibly setting the stage for a continued upward trajectory in the higher time frames. At press time, BTC traded at $38,350. Featured image from Unsplash \/ Kanchanara, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":563362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,1144],"class_list":["post-563361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\n
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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Breaks Above $38,800, These Are The Reasons","url":"http:\/\/wncen.com\/news\/bitcoin-price-breaks-38000-reasons\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-breaks-38000-reasons\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-fvXjpVH0PEk-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-fvXjpVH0PEk-unsplash.jpg?fit=1920%2C1277"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusd"],"dateCreated":"2023-12-01T08:14:44Z","datePublished":"2023-12-01T08:14:44Z","dateModified":"2024-06-11T14:42:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Breaks Above $38,800, These Are The Reasons\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-breaks-38000-reasons\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-breaks-38000-reasons\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-fvXjpVH0PEk-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-fvXjpVH0PEk-unsplash.jpg?fit=1920%2C1277\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\"],\"dateCreated\":\"2023-12-01T08:14:44Z\",\"datePublished\":\"2023-12-01T08:14:44Z\",\"dateModified\":\"2024-06-11T14:42:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-fvXjpVH0PEk-unsplash.jpg?fit=1920%2C1277","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563361"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=563361"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563361\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/563362"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=563361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=563361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=563361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/BTCUSD_2023-12-01_14-13-26.png?resize=3628%2C1673\")