Bitcoin (BTC) and Crypto Surge: Factors Behind Price Rally

• Bitcoin (BTC) is dragging the entire crypto up as investors accumulate in anticipation of a Bitcoin ETF approval. 

• An analyst predicts that Bitcoin could record one big dump before proceeding to hit $40k. 

Bitcoin (BTC) is leading the entire crypto market to recover from the recent bearish run that saw most altcoins breaking multiple support levels. In the past 24 hours, Bitcoin has surged by 2 percent to trade at $29,828.74.

Its 24-hour trading volume is currently around $21,609,266,532 as the asset ignites investors’ confidence to have bullish sentiment. Ethereum (ETH) is also showing bullish patterns as it makes 1.7 percent price gains in the last 24 hours to trade at $1,862.63. PEPE has staged another rally with a 12 percent surge in the past 24 hours to trade at $0.000001. 

According to market data, Shiba Inu is gaining traction in anticipation of the several developmental innovations in the pipeline as it rises by 9.8 percent in the last 24 hours. Another altcoin, Hedera (HBAR) largely extended its rally with another 6 percent surge in the past 24 hours.

This takes its weekly run to 21 percent. The likes of Toncoin (TON), Synthetix (SNX), and Solana (SOL) recorded a 5.7 percent, 6 percent, and 6.2 percent surge in the past 24 hours. As of press time, the total crypto market cap was $1.19 Trillion with Bitcoin still dominating with more than 50 percent share. 

Reason for the Bitcoin and Altcoins Rally

Several experts have predicted that the market could be opened for a new set of investors once the US Securities and Exchange Commission approves any of the Bitcoin spot exchange-traded fund applications. According to Bloomberg’s Eric Balchunas, an insider from BlackRock and Invesco has suggested it is just a question of “when rather than if” for a Bitcoin ETF application to be approved. According to him, this could be done in the next four to six months.

This information is said to have been disclosed by Galaxy Digital CEO Mike Novogratz during an earnings call. This, is reported, to have triggered the recent rallies as investors and whales accumulate ahead of this groundbreaking news. Ki Young Ju, CEO of CryptoQuant has also confirmed that Bitcoin whales have opened long positions at $29k. 

Pro-tip: To spot old whales’ giga long/short positions, focus on low-volume derivative exchanges. Huobi whale: longed at $16,819.

In his post, Young Ju disclosed that $27 million in short positions have been liquidated in the past 24 hours. There is also a $616 million open interest increase.

A crypto analyst identified as CoinsKid has predicted that there would be one big dump for Bitcoin before it surges to $40k or above. According to him, the asset would likely retrace to its 20-week exponential moving average (EMA). This is said to be around $28k.

The analyst in his post correlates Bitcoin to the dollar index. Bitcoin mostly goes up when the dollar index goes down. In a trend continuation, the dollar is going down according to him. He also compared the current market trend to that of 2020 when the asset recorded one big dump before proceeding to hit its all-time high of $69k. 

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