June 23, 2023: On Wednesday, Bitcoin increased to its most elevated level in over a month as traders got excited about the prospects of a spot Bitcoin ETF following a series of recent applications from businesses, including BlackRock.
The price of bitcoin jumped nearly 10% to $30,621.80, its highest level since April, according to Coin Metris, extending gains from earlier in the day.
Investors are growing bullish about the prospects of BlackRock and other prominent institutional names getting involved in digital assets.
That’s despite all the bad information surrounding the crypto space of late, with the market still reeling from the scandal of FTX’s collapse and the ensuing regulatory fallout.
“The slate of spot bitcoin ETF application announcements by larger institutions has brought bullishness into the crypto markets,” said Vijay Ayyar, head of international markets at CoinDCX, India’s most significant crypto exchange, stated.
“We also hit major support at $25K for BTC, and we’ve seen this move be driven more by pristine spot buying rather than a short liquidation type move which is quite healthy,” Ayyar said.
“Market structure-wise on BTC, we broke a major downtrend that started in April this year and lasted around two months; hence most traders would be examining for us to test at least $32,000. Breaking that level opens up $36,000 and then $45,000 to 48,000.”
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