Bitcoin (BTC) price reclaimed $37,000 on Monday as the crypto market started the week strongly and with investors regaining confidence in the market. On-chain analysis identifies the key reasons that could propel BTC prices higher this week.
Bitcoin was up 1.77% and was halfway to the vaunted $38,000 level at the time of writing, with its trading volume soaring 21% to a little over $14 billion. The recent gains in the crypto's price have also helped it to erase some of its recent losses, as evidenced by a surge of around 0.55% in its price over the last seven days.
Anticipation Of Bitcoin ETF Nod
This increase is a reflection of the market's rising hope for the US government to approve a spot Bitcoin exchange-traded fund. But the SEC is still on the fence, putting off judgments on many Bitcoin ETF proposals until 2024.
Bitcoin (BTC) continues to generate significant discussion on social media, despite the SEC failing to meet the designated eight-day timeframe for approving spot Bitcoin ETFs.
Source: FXStreet
However, a recent explanation for the delays has emerged, suggesting that the financial regulator has shown a preference for cash-based creations of ETFs rather than cryptocurrency-based ones. It is also believed that the agency is actively communicating with exchanges over this matter.
Bitcoin Gets Price Lift From Milei Win
Bitcoin's latest price ascent was in part driven by the election of Javier Milei, a politician who supports the adoption of bitcoin, as the President of Argentina.
Nevertheless, several traders caution about a potential market response subsequent to the disclosure of Federal Reserve meeting minutes on Tuesday, anticipating a period of reduced market liquidity towards the conclusion of the current business week.
Anticipations are high for a forthcoming week of notable activity within the cryptocurrency sphere, as discerned by market participants who foresee a series of events and announcements capable of influencing market trajectories.
BTCUSD trading at $37,424 today. Chart: TradingView.com
Eminent eToro markets analyst, Simon Peters, underscored the imminent release of the Fed's latest meeting notes, slated for tomorrow. Peters articulated the consequential nature of these minutes, portraying them as a conduit for acquiring profound insights into the prevailing perspectives of the central bank.
Against the backdrop of a decelerating inflationary trajectory, investors are particularly attuned to discerning further substantiation affirming the prospect that the present juncture may signify the culmination of peak interest rates.
BTC seven-day price action: Source: Coingecko
What Lies Ahead For Bitcoin
This forthcoming week beckons vigilant attention as participants await the nuanced signals that may resonate throughout the broader landscape of the market.
Meanwhile, based on a deeper look at the daily chart, it is evident that there is currently a bullish sentiment surrounding the price of Bitcoin as it approaches a critical resistance level. If the closing bar lines up close to that threshold, the impending test of this resistance level points to a possible breakout situation.
The excitement that is building up in this situation might be the impetus for a significant spike that takes the top altcoin's price up to $39,000.
There has been a lot of excitement among market watchers due to this suggestive bullish momentum, which is the approaching challenge to the resistance level.
(This site's content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik
Source: NewsBTC.com
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