Bitcoin is experiencing a notable resurgence, edging closer to its year-to-date highs as it continues its impressive upward trend. On October 23, the price of Bitcoin reached fresh three-month highs during the initial US trading session of the week.

Bitcoin's price has surpassed the $31,000 threshold, pushing its monthly gains into the double digits, a clear sign of growing bullish sentiment among investors. Nevertheless, essential indicators suggest that the cryptocurrency is poised for further upward movement in the upcoming days.

One intriguing factor contributing to Bitcoin's ongoing dominance is the unexpected ascent of Bitcoin Dominance (BTC.D), which has been steadily rising for eight consecutive weeks since August 21.

Historically, when Bitcoin experiences significant price gains and reaches significant milestones, investors tend to diversify their portfolios into alternative cryptocurrencies to maximize their returns. However, this time around, the uncertain macroeconomic landscape and ongoing developments related to the Middle East crisis seem to be deterring investors from exploring alternative cryptocurrencies.

Despite Bitcoin's surge, market participants remain cautious and believe that a weekly candle close is necessary to confirm the sustainability of the rally.

Excitement is building within the cryptocurrency community as rumors circulate regarding the potential approval of the first-ever spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

Notably, the SEC is actively engaging with prominent applicants such as Grayscale, BlackRock, Fidelity, Invesco, and Ark Invest. This represents a significant departure from the SEC's historical stance of rejecting spot Bitcoin ETFs, fueling speculation that the market may be anticipating the approval of a spot ETF.