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.
Bitcoin was up 1.77% and was level at the time of writing, with its trading volume soaring 21% to a little over $14 billion. The recent gains in the crypto’s 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.
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.
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.
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.
Anticipation Of Bitcoin ETF Nod
This increase is a reflection of the market’s rising hope for the US government to approve a But the SEC is still on the fence, putting off judgments on many Bitcoin ETF proposals until 2024.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.Source: FXStreet
Source: FXStreetBitcoin Gets Price Lift From Milei Win
was in part driven by the election of Javier Milei, a politician who supports the as the President of Argentina.
BTCUSD trading at $37,424 today. Chart:Eminent eToro markets analyst, Simon Peters, underscored the imminent release of the Fed’s 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. 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.
BTC seven-day price action: Source:
What Lies Ahead For Bitcoin
This forthcoming week beckons vigilant attention as participants await the nuanced signals that may resonate throughout the broader landscape of the market. 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. The excitement that is building up in this situation might be the impetus for a significant spike that takes the top altcoin’s price up to $39,000. 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.
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