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Why is Bitcoin price up today?

Published 10/24/2023, 03:39 PM
Updated 10/24/2023, 05:20 PM
© Reuters
BTC/USD
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Bitcoin (BTC) price is up today, rising to an intra-day high of $35,280 and a new 17-month high before retracing slightly. The Bitcoin price increase today comes as hype around a spot BTC exchange-traded fund (ETF) crescendoed with the listing of BlackRock’s iBTC on the Depository Trust & Clearing Corporation (DTCC) website. While the listing seems to have been removed, Bitcoin’s bullish momentum continued as it is conventionally seen as a major step before an ETF is officially approved.

Bitcoin price. Source: TradingView

Although Bitcoin price has retraced from the $35,000 level, the reasons for this week’s price move could be a hint at the rally’s sustainability.

Assumed Bitcoin inflows post ETF approval. Source: Galaxy Digital
Gold performance. Source: TradingView
Bitcoin liquidation data. Source: Coinglass
CME open interest. Source: Coinglass
Bitcoin Fear & Greed Index. Source: Alternative.me

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