Bitcoin price nears $37k as ETF excitement heats up

09 Nov 2023

Bitcoin came close to the $37,000 mark on Thursday as a new price surge seemed to have surprised traders.

The price of the world’s largest cryptocurrency surpassed $36,000 following the daily close, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD reached $36,864 on Bitstamp, its highest point since the beginning of May last year.

However, only a day earlier, market concerns were on bid liquidity moving downward, which could potentially lead to a retest of $34,000.

This wasn’t the case, and the upside started during US trading hours, Cointelegraph reports.

“Zooming out, this is the most bullish US has been on Bitcoin since early 2022. Asia price change was last seen as bullish as October 2021,” said James Van Straten, research and data analyst at crypto insights firm CryptoSlate, in his latest research.

He made reference to data from on-chain analytics firm Glassnode, which revealed US buyers were propping up the rally.

“Americans carrying this thing,” William Clemente, co-founder of crypto research firm Reflexivity, went on to add.

Whereas other traders and analysts believe the bullish stance could be linked to the possible approval of a US Bitcoin spot price exchange-traded fund (ETF).

Although not forecast to arrive until next year, 9th November is the beginning of the period in which the long-awaited announcement from regulators could, in theory, arrive, the Cointelegraph report adds.

“We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals,” James Seyffart, research analyst at Bloomberg Intelligence, commented.

“But if it comes earlier, we are entering a window where a wave of approval orders for all the current applicants *COULD* occur,” he continued.

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