The price of bitcoin (btc) regained $37,000 on Monday as the cryptocurrency market started the week strongly and investors regained confidence in the market. On-chain analysis identifies key reasons that could drive btc prices higher this week.
bitcoin rose 1.77% and was halfway to the much vaunted $38,000 level at the time of writing, with its trading volume increasing by 21% to just over $14 billion. The recent gains in the cryptocurrency’s price have also helped it erase some of its recent losses, as evidenced by an increase of around 0.55% in its price in the last seven days.
bitcoin ETF Nod Anticipation
This increase is a reflection of the market’s growing hope that the US government will approve a technology/cryptocurrency-bitcoin-etf.html” target=”_blank” rel=”nofollow”>bitcoin Spot Exchange Traded Fund. But the SEC is still on the fence, postponing trials on many bitcoin ETF proposals until 2024.
bitcoin (btc) continues to generate significant debate on social media, despite the SEC missing its designated eight-day deadline for approving bitcoin spot ETFs.
Source: FXStreet
However, an explanation for the delays has recently emerged, suggesting that the financial regulator has shown a preference for cash-based ETF creations rather than cryptocurrency-based ones. The agency is also believed to be actively communicating with exchanges on this matter.
bitcoin Gets Price Boost Thanks to Milei Win
bitcoin‘s latest price surge was driven in part by the election of Javier Milei, a politician who supports the bitcoin adoption, as president of Argentina.
However, several traders are warning of a possible market response following the release of the Federal Reserve meeting minutes on Tuesday, anticipating a period of reduced market liquidity towards the end of the current trading week.
Expectations are high for a coming week of notable activity within the cryptocurrency sphere, as discerned by market participants who anticipate a series of events and announcements capable of influencing market trajectories.
BTCUSD trading at $37,424 today. Chart: TradingView.com
eToro eminent market analyst Simon Peters highlighted the imminent publication of the notes from the latest Federal Reserve meeting, scheduled for tomorrow. Peters articulated the momentous nature of these minutes, portraying them as a conduit for gaining deep insights into the central bank’s prevailing views.
In the context of a slowing inflation trajectory, investors are particularly attentive to discerning more fundamentals that affirm the view that the current situation may mean the culmination of maximum interest rates.
btc seven-day price action: Source: bitcoin" target="_blank" rel="nofollow">Coingecko
What awaits bitcoin
The week ahead draws close attention as participants wait for nuanced signals that may resonate with the broader market picture.
Meanwhile, based on a deeper look at the daily chart, it is evident that there is currently bullish sentiment surrounding the price of bitcoin as it approaches a critical resistance level. If the closing bar lines up near that threshold, the impending test of this resistance level points to a possible breakout situation.
The enthusiasm that is building in this situation could be the impetus for a significant increase that takes the price of the main altcoin up to $39,000.
There has been a lot of excitement among market watchers due to this suggestive bullish momentum, which is the challenge approaching the resistance level.
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