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The new benchmark set a record high for 2023, reaching values not seen since last May, triggered a torrent of BTC shorts, leading to $114 million in liquidation in the last hour—and $145 million in total across crypto assets, according to analytics firm CoinGlass.
On leading crypto exchange Coinbase, BTC was trading at a premium closer to $35,000.
The pair of rallies to start the week have been attributed to building anticipation over the pending approval of Bitcoin spot ETF applications by the Securities and Exchange Commission.
Earlier today, a Washington, D.C. judge officially ordered the SEC to take another look at a long-delayed and litigated spot Bitcoin ETF application from Grayscale, after the regulatory agency failed to respond to an earlier court inquiry.
Also today, global investment giant BlackRock updated its own application to note that it had started to take the preliminary steps needed to launch its Bitcoin spot ETF, including allocating funds and securing a ticker symbol. The moves don’t guarantee an approval is coming, but they suggest confidence the SEC will eventually do so.
Crypto analysts are saying that both price spikes have pierced market resistance thresholds at $31,000 and $34,000 respectively, a bullish sign. Popular Crypto Twitter commentator Rekt Capital says the price action is likely to disprove the “Bearish Bitcoin Fractal,” a pricing model that assumes price could rally to record highs before additional downside pulls it back down.
Bitcoin is pressing higher, beyond the Range High resistance (red)
However, this is where previous FOMO upside wicks have formed before (orange area)$BTC #Crypto #Bitcoin https://t.co/VgTAgRbzJJ pic.twitter.com/xLw4hweuAI
— Rekt Capital (@rektcapital) October 23, 2023
Bitcoin is on a bullish surge, edging closer to the $35,000 mark, thanks to pivotal developments involving BlackRock and Grayscale. In just 24 hours, the cryptocurrency has soared by 17%, hitting an intraday high of $34,741 on October 23.
Although it saw a brief dip to its current price of $32,914, the rising Relative Strength Index (RSI) signals substantial momentum, and the mounting buying pressure could soon push Bitcoin past the psychological milestone of $35,000.
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This impressive rally can be attributed to two key factors. First, BlackRock’s iShares Bitcoin Trust has secured a listing on the Depository Trust & Clearing Corporation (DTCC), responsible for clearing Nasdaq trades. Referred to as “IBTC,” this move signifies a significant step toward the launch of a spot Bitcoin ETF. Notably, BlackRock has also committed to seeding the ETF in October.
Seeding involves the initial funding, typically provided by a bank or broker-dealer, to purchase creation units, in this case, BTC, in exchange for ETF shares that can be traded on the open market on the first day. While this decision by BlackRock is substantial, it shouldn’t be misconstrued as a massive Bitcoin purchase, as clarified by ETF specialist Eric Balchunas.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
Secondly, Grayscale has emerged victorious in a legal battle against the SEC, compelling the commission to reevaluate its stance on the BTC ETF application. This legal triumph strengthens the case for the eventual approval of a Bitcoin ETF.
In a nutshell, Bitcoin is on a bullish trajectory, with the $35,000 target tantalizingly close, propelled by the iShares Bitcoin Trust’s listing on DTCC and Grayscale’s legal victory over the SEC. These developments bolster the prospects of a spot Bitcoin ETF becoming a reality in the not-so-distant future.
