The price of Bitcoin surged today, hitting an intraday peak of $37,972 and retracing just below $37,000. This upward movement, marking a new year-to-date high, is attributed to increased excitement around a potential spot BTC exchange-traded fund (ETF), triggering short liquidations and elevating prices across the cryptocurrency market. Despite facing macroeconomic challenges, Bitcoin's year-to-date gain stands at an impressive 121%, and market data indicates a growing interest in the $40,000 level among traders.
The recent price action propelled the Crypto Fear and Greed index to its highest level since Bitcoin's all-time high in November 2021. As the Securities and Exchange Commission (SEC) reviews 12 outstanding ETFs with a window for approval open until November 17, anticipation is high, with reports suggesting a potential $600 billion surge in demand and CryptoQuant analysts predicting a $1 trillion increase in Bitcoin's market capitalization upon approval. In tandem with these developments, Bitcoin's supply on exchanges remains below the May 3, 2023 peak, signaling a bullish sentiment as long-term holders acquire 92% of newly minted BTC. With ongoing withdrawals from exchanges and significant short liquidations, Bitcoin's bullish momentum is gaining traction, fostering optimism among analysts regarding its upward trajectory beyond the key resistance level of $37,000.
