- Bitcoin (BTC) has reclaimed the $37,000 mark, with a 1.77% increase, driven by growing market confidence.
- Investors are hopeful for the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. government, although the SEC has delayed judgments on Bitcoin ETF proposals until 2024.
- The recent price rise was influenced by the election of Javier Milei, a Bitcoin-supporting politician, as the President of Argentina.
Bitcoin (BTC) has regained strength, reaching the $37,000 mark, signalling a positive start to the week for the crypto market. Investors are once again expressing confidence in the market’s future. This article delves into the on-chain analysis to uncover the factors that could propel BTC prices higher in the coming week.
Bitcoin’s recent price surge reflects the market’s growing optimism regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. government. However, the SEC has delayed decisions on various Bitcoin ETF proposals until 2024, leaving the market in a state of anticipation.
Recent explanations for the delays suggest that the SEC may favour cash-based ETFs over cryptocurrency-based ones. The regulatory agency is reportedly in communication with exchanges on this matter.
Bitcoin’s latest price increase can also be attributed, in part, to the election of Javier Milei, a supporter of Bitcoin adoption, as the President of Argentina. This political development has resonated positively within the cryptocurrency community.
Traders are cautious about potential market reactions following the release of Federal Reserve meeting minutes, scheduled for Tuesday. Reduced market liquidity is anticipated toward the end of the week, and investors are closely monitoring the situation.
What Lies Ahead for Bitcoin
The coming week holds significant promise, with several events and announcements poised to impact cryptocurrency markets. Analysts anticipate noteworthy activity, with the release of the Federal Reserve’s meeting minutes being a key focal point.
On a closer examination of the daily chart, a bullish sentiment surrounds Bitcoin’s price as it approaches a critical resistance level. A potential breakout is in sight if the closing bar aligns near this threshold, with excitement building for a possible spike that could propel Bitcoin to $39,000.
Market observers are increasingly excited about the suggestive bullish momentum and the imminent challenge to the resistance level.
