- As a continuation of its developing rally, the price of Bitcoin (BTC) has just surpassed the $43,000 level to set a new high for the year.
- Following a new application where BlackRock shows interest in this emerging asset, other firms, whose previous applications were rejected, quickly refilled their applications.
- These positive trends around the Bitcoin ETF caused Bitcoin to rise above $31,000 by mid-year, and the digital currency has been on a steady rise ever since.
These positive trends around Bitcoin ETFs have contributed to Bitcoin rising above $44,000, following its rally: What’s next for Bitcoin?
Bitcoin Price Breaks $44,000 Resistance
As a continuation of its developing rally, the price of Bitcoin (BTC) has just surpassed the $43,000 level to set a new high for the year. At the time of writing, market data shows Bitcoin currently trading at $44,058.37, demonstrating a 4.5% increase in the last 24 hours.
With the current market outlook, Bitcoin has increased its gains for the week by 14.35%. A significant question now is whether this ongoing surge is a temporary rise, whether it will trigger a reversal, or whether it marks the beginning of a mega rally historically known as the start of the 4th quarters.
Bitcoin started the year trading below $16,000 and entered in a highly uncertain manner. Despite starting the year with deep regulatory uncertainty, perspectives rapidly changed with the rhetoric surrounding BlackRock’s application for a spot Bitcoin Exchange-Traded Fund (ETF).
Following a new application where BlackRock shows interest in this emerging asset, other firms, whose previous applications were rejected, quickly refilled their applications. The narrative became even more complicated with Grayscale Investments winning a legal battle with the U.S. Securities and Exchange Commission (SEC) in its effort to convert Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
These positive trends around Bitcoin ETFs have contributed to Bitcoin rising above $44,000, following its rally. Despite critics lowering the growth potential of the coin, market enthusiasm intensified further with companies like MicroStrategy making regular Bitcoin purchases. Now, emotions that brought Bitcoin to this point are intensifying, and therefore, there are possibilities for Bitcoin’s (BTC) price to break the $50,000 resistance.
Most Important Catalyst to Unleash Bitcoin
As Bitcoin (BTC) has thoroughly penetrated all directions, the expectation of an approved spot ETF product tends to elevate excitement to new levels. Experts have predicted the imminent approval of a BTC ETF, and if officially approved, it will be a significant development leading to over $100 billion of institutional funds entering the cryptocurrency market. The expectation is that an approved Bitcoin ETF will initiate a bull market cycle and help bring investors back to the glory days of the crypto market.
