Bitcoin Price Soars Above $45,500: Top 3 Reasons
January 02 2024 - 2:55AM
NEWSBTC
The Bitcoin price has risen to over $45,900 in the last few hours,
an increase of 7.5% in the last 24 hours. These are the three main
reasons: #1 Massive Bid From CME The recent surge in Bitcoin’s
price was predominantly led by activities on the Chicago Mercantile
Exchange (CME). At a point, the Bitcoin price on CME was
approximately $1,400 higher than on Coinbase, indicating
significant buying pressure on this platform. The CME Group, a
renowned exchange for cash settled Bitcoin futures contracts,
attracts a substantial institutional investor base, making its
price movements particularly noteworthy. Analyst Will Clemente
highlighted the unusual trading activity, stating via X, “CME
trading at fresh 52-week highs on an illiquid Monday night like
someone knows something.” Related Reading: Bitcoin’s 2024 Forecast:
From $60,000 To $500,000, Top Experts Share Bold Predictions
Supporting this observation, analyst @MacnBTC remarked, “Something
obviously leaking as CME is up +8.5% on the day.” Bluntz Capital
echoed similar sentiments, noting, “CME tradfi apes are aping, huge
premium.” CME tradfi apes are aping, huge premium
pic.twitter.com/dwfW0shLB7 — Bluntz (@Bluntz_Capital) January 2,
2024 #2 Spot Bitcoin ETF Approval Rumors The approach of the
January 10 deadline for the United States Securities and Exchange
Commission’s (SEC) decision on the approval of a spot Bitcoin
exchange-traded fund (ETF) has stirred significant market
anticipation. As Bitcoinist reported today, the SEC is reportedly
doing the last paperwork. Moreover, rumors intensified yesterday
that the SEC could approve a batch of spot Bitcoin ETF already
today, on January 2. A report from Reuters indicated that the SEC
could potentially inform issuers as soon as today, Tuesday or
Wednesday, about their authorization to introduce spot Bitcoin ETFs
in the subsequent week. This speculation may have sparked a sense
of FOMO (Fear of Missing Out) among investors. Related Reading:
$47,600 Or $38,600? What Could Be Next For Bitcoin However, this is
by no means a done deal. Eleanor Terrett of FOX Business shared
insights on X, commenting on the SEC’s unpredictability. Terrett
pointed out, “While the SEC is surely unpredictable, it would
surprise me if approvals were to happen [today]. […] The SEC still
has to review all the changes made to the S-1s filed on
Thursday/Friday AND make comments on them.” #3 Strong Technicals On
Multiple Time Frames On the technical front, Bitcoin displayed
strong bullish signals across various time frames. Renowned crypto
analyst Skew focused on the 30-minute chart of BTC/USDT. In a post
on X , Skew shared an attached chart and analyzed: BTC 30min:
Systematically this has been super clean. Price tested both 4H
200MA & 200EMA then grinded with 4H 200MA before reclaiming 1H
200MA & 200EMA (momentum ignition). Technical flip of previous
resistance into running towards the highs. Now we see how much
momentum is brewing behind this. On the daily chart, BTC bounced
off the lower end of the ascending trend channel and is now trying
to overcome the upper resistance. Once again, BTC has respected the
trend which started in mid-October and is now starting another
breakout attempt. A daily close above $45,500 could be decisive.
Then, the 0.618 Fibonacci retracement level at $48,700 could be the
next target. At press time, BTC stood at $45,693. Featured image
created with DALL·E 3, chart from TradingView.com
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