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Home»Bitcoin»Bitcoin price breaks above $38,000, here are the reasons
Bitcoin

Bitcoin price breaks above $38,000, here are the reasons

2023-12-01No Comments4 Mins Read
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Bitcoin price has risen above $38,000 in recent hours, closing a four-hour candle above this crucial price level for the first time this year – a very bullish sign that BTC could rise further. Here are the reasons behind BTC’s latest price increase:

#1 Anticipation of Spot Bitcoin ETF Approval

The recent rise in the Bitcoin price can likely be attributed in part to developments surrounding the possible approval of a spot Bitcoin ETF. Bloomberg ETF analyst James Seyffart declared at

This observation follows the SEC’s announcement about publishing the Franklin/Hashdex delays today, December 1. Scott Johnsson, an attorney at Davis Polk, agreed with Seyffart: “This ends the comment period on January 5. Deadline for Ark/21 Shares on January 10.”

In addition, ETF Store’s Nate Geraci provided even more optimism comments yesterday: “Another meeting between Grayscale & SEC yesterday. Absolutely fascinated to see how this all plays out, especially the timing of the GBTC uplist versus the launch of competing spot BTC ETFs. By the way, if you’re tired of me tweeting about this, the good news is that I think we’re nearing the finish line.

These developments suggest that a spot Bitcoin ETF is only a matter of when, not if. They also show a growing consensus between ETF applicants and the SEC, which only wants to refine all proposals before approving a batch or all twelve applicants (except Pando Asset) at once.

#2 MicroStrategy will buy more BTC

Another driving force could be MicroStrategy’s unwavering commitment to Bitcoin. The company’s latest filing showed an additional purchase of 16,130 BTC, which amounts to approximately $608 million. This acquisition, at an average price of approximately $36,785 per Bitcoin, brings MicroStrategy’s total holdings to 174,530 BTC.

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More importantly, however, was the news that MicroStrategy is already planning its next Bitcoin purchases. The company has entered into an agreement to offer up to $750 million in Class A common stock, a move interpreted by many as a preparation for further Bitcoin purchases.

This means that Saylor will buy even more BTC in the coming weeks or months, which will certainly have a positive impact on the BTC price. The news is definitely bullish for the price, while some traders may want to put this first.

#3 Market dynamics

The current market dynamics surrounding Bitcoin’s price rise have been closely watched by leading crypto analysts, revealing nuanced insights into the behavior of market participants. Crypto analyst Skew marked a specific pattern in purchasing behavior, indicating a strategic approach by market players.

He said: “Pretty obvious taker-twap bids on the corn here. Open Interest & Delta: Looks like both longs and shorts are chasing this move.” This comment suggests that both bullish and bearish traders are actively participating, leading to increased market volatility and price movements.

Additionally, Skew pointed to specific activity on the Binance spot market: “Still persistent spot supply around the mid-$38,000s. Offers sent by spot takers and limit requests were completed. If buyers can maintain bidding momentum and clear that supply, they may look to cap the bid at higher prices.

Byzantine General, another crypto analyst, found another key driver for the recent price action. He declared“Spot markets are still trading at a premium, not just Coinbase. And the fact that the USD markets are consistently trading much higher than the USDT markets makes me think there may be new money flowing in.”

See also  Bitcoin retail investors disappeared as soon as they arrived

#4 Breakout Continue with lower time frames

From a technical point of view, crypto expert Scott Melker noticed a breakout move on the lower time frames. He noted: “Bitcoin is breaking out in a short time frame. “On the 15-minute chart, Bitcoin was trading within a descending channel, a pattern characterized by successive lower highs and lower lows. This usually reflects a bearish trend.

However, a few hours ago, Bitcoin price managed to break above the upper limit of this channel, a move that is often interpreted as a potential reversal signal. The breakout in the low timeframe is important for traders as it signals a shift in short-term sentiment, potentially paving the way for a continued upward trajectory in the higher timeframes.

At the time of writing, BTC was trading at $38,326.

Bitcoin price
Bitcoin price, 4-hour chart | Source: BTCUSD on TradingView.com

Featured image from Unsplash / Kanchanara, chart from TradingView.com



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