Bitcoin price has broken through $47,000 for the first time since April 2022 as the deadline for the United States Securities and Exchange Commission’s approval of spot Bitcoin ETFs draws near.
Bitcoin (BTC) climbed rapidly from a price of $44,000 on Jan. 8, surging more than 6.5% in the last 24 hours and 177% over the last 12 months, to hit a year-to-date high at $47,284, according to data from CoinMarketCap.
Bitcoin’s price performance comes as the market readies for the SEC’s potential approval of one or several of the 14 outstanding applications for a spot Bitcoin ETF product, with Bloomberg analysts predicting a decision as early as Jan. 10.
People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates https://t.co/uiWgfxOfzz
— Eric Balchunas (@EricBalchunas) November 29, 2023
The last time Bitcoin traded above $47,000 was nearly 20 months ago, on April 3, 2022, when it reached a high of $47,458 before descending into an enduring bear market that saw it fall as low as $15,600.
Trader and analyst Jin flagged BTC flipping the “21 EMA” into support, adding that the flagship cryptocurrency was headed to $48,000, while popular X user Byzantine General noted that “a lot of shorts just got liquidated” by the rapid price move to $47,000.
48k comming https://t.co/qf1YSWLwDq
— Jin (@trader1jin) Go to Source to See Full Article
Author: Nancy LubaleDid you like this?
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