Bitcoin rallies to touch highest level since April as traders get bullish on ETF news
Traders got excited about the prospect of a spot bitcoin ETF following recent applications from companies like BlackRock, which raised Bitcoin’s price to its highest level since April. The flagship cryptocurrency touched $30,749.45, its highest level since April 14, according to CoinMetrics. At 6:39 p.m. ET, the price was $29,988.46. Investors are growing optimistic that BlackRock will get involved in the digital assets space and other major institutional names.
Despite all the bad news surrounding the crypto space of late, the market is still reeling from the scandal of FTX’s collapse and the ensuing regulatory fallout. “The slate of spot bitcoin ETF application announcements by larger institutions has definitely brought back bullishness into the crypto markets,” Vijay Ayyar, head of international markets at CoinDCX, India’s largest crypto exchange, told CNBC. “We also hit major support at $25K for BTC, and we’ve seen this move be driven more by pure spot buying rather than a short liquidation type move which is quite healthy,” Ayyar said. “Market structure wise on BTC we broke a major downtrend that started in April this year and lasted around 2 months, hence most traders would be looking for us to test at least $32,000. Breaking that level opens up $36,000 and then $45,000 to 48,000.”