As the price of bitcoin surges with its sights set on surpassing the $40,000 mark, a wave of optimism is sweeping through the crypto community.
block chain Santiment data offers a glimpse of the fervor and growing confidence among traders, driven largely by anticipation of a possible green light for a bitcoin spot exchange-traded fund (ETF) in the United States.
This week, the leading cryptocurrency reached a major milestone by scaling heights slightly above $35,000 for the first time in 2023.
With a solid support level at $33,000, traders have been steadily building new positions, anticipating another breakout beyond the $35,000 threshold.
Traders are euphoric and showing important signs of #FOMO. $btcThere is now a +19% increase in one week and the rising market caps have seen a high level of greedy keywords. For more rises, trader #FUD it is necessary. Historically, markets rise when traders are least suspicious. https://t.co/Ojpa7qy8a9 pic.twitter.com/eWLUbOqL59
– Sentiment (@santimentfeed) October 24, 2023
The current price of bitcoin, according to bitcoin” target=”_blank” rel=”nofollow”>CoinGeckoIt stands at $34,750, up 2.0% in 24 hours and an impressive 23.2% rally in seven days.
The rise beyond $35,000 is a crucial moment. A successful retest of this resistance level could potentially confirm a road to the $40,000 mark.
This move could mean the start of a pre-halving rally, a scenario that excites many bitcoin enthusiasts.
btc price action in the last seven days. Sourced: Coingecko
Investors Bets on bitcoin Ahead of Bull Market
James V. Straten, data and research analyst, sheds light about the growing enthusiasm among investors as they eagerly accumulate btc in preparation for the impending bull market.
In the last 30 days, holders in various categories, including miners and exchanges, have absorbed a staggering 103,000 bitcoin, according to Straten.
Traders are euphoric and showing important signs of #FOMO. $btcThere is now a +19% increase in one week and the rising market caps have seen a high level of greedy keywords. For more rises, trader #FUD it is necessary. Historically, markets rise when traders are least suspicious. https://t.co/Ojpa7qy8a9 pic.twitter.com/eWLUbOqL59
– Sentiment (@santimentfeed) October 24, 2023
The prevailing sentiment is unequivocally bullish, with a growing consensus that a spot listing of a bitcoin ETF in the United States is increasingly likely. Commenting on this prospect, Darius Tabatabai, co-founder of decentralized exchange Vertex Protocol, stated:
“Sentiment is clearly bullish as more and more signals begin to reveal what appears to be a likely and imminent listing of a spot bitcoin ETF in the US.”
bitcoin moving past the halfway mark to $35K. Chart: TradingView.com
Adding fuel to the crypto fire
Matthew J. Maley, chief market strategist at Miller Tabak + Co., LLC, in a bitcoin-has-more-than-doubled-this-year-in-unforeseen-resurgence” target=”_blank” rel=”nofollow”>Bloomberg Report points out another factor contributing to the cryptocurrency rally: geopolitical tensions.
Maley believes that investors are starting to view cryptocurrencies as an essential currency sooner than expected due to escalating geopolitical conflicts around the world.
He said:
“I think investors are thinking that the rise of geopolitical flashpoints in the world is increasing the odds that cryptocurrencies will become a major currency faster than they previously thought.”
As bitcoin continues its ascent, both speculative optimism and real-world events are converging to shape the narrative, leading many to believe that btc‘s journey beyond $40,000 may not be far away. .
Whether it is the promise of a bitcoin ETF or the changing landscape of global affairs, bitcoin remains in the spotlight, attracting increased attention from a wide spectrum of investors.
Featured image from Quora
