© Reuters
(BTC-USD) has broken through the 32K resistance level, potentially establishing a new trading range of 38K-to-40K, after months of fluctuating within the ~25k to ~32k range. This development was reported Today by BTIG and comes amid investor anticipation for the world’s first Spot Bitcoin exchange-traded fund (ETF).
The surge in Bitcoin’s value led to a significant liquidation of short positions. According to CoinGlass data, over $161 million worth of these positions were liquidated in a single day, and around $177 million within a 24-hour period. As the market awaits the U.S. Securities Exchange Commission’s decision on the Spot Bitcoin ETF, participants are closely monitoring ETFs.
In parallel with this development, Bitcoin has seen a substantial increase in value over an 18-month period, jumping to $35,000 and sparking a mini bull run. This increase has rewarded those who invested when prices were under $20,000 with doubled returns. The unpredictable fluctuations of the crypto market are seen as avenues for growth.
Speculation is also rife about the US possibly approving a Bitcoin ETF, an event that could further inflate prices. Meanwhile, Steam, another digital currency, has also experienced a significant price increase in this period.
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