{"id":52994,"date":"2023-06-23T15:03:18","date_gmt":"2023-06-23T19:03:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=52994"},"modified":"2023-06-23T15:04:41","modified_gmt":"2023-06-23T19:04:41","slug":"amid-positive-etf-remarks-bitcoin-btc-tests-31k","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/amid-positive-etf-remarks-bitcoin-btc-tests-31k\/","title":{"rendered":"Amid Positive ETF Remarks: Bitcoin (BTC) Tests $31k"},"content":{"rendered":"\n

Bitcoin (BTC) has reached its highest price level of the year as a result of the US SEC's approval of first leveraged Bitcoin ETF.<\/a><\/p>\n\n\n\n

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Amid Positive ETF Remarks: Bitcoin (BTC) tests $31k<\/figcaption><\/figure>\n\n\n\n

The bullish rally Bitcoin (BTC) price has experienced this week is far from over, as the leading digital currency has momentarily retested the\u00a0$31,000<\/strong>\u00a0price level due to positive sentiments regarding the newly approved leveraged Bitcoin Exchange Traded Fund (ETF)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> product in the United States.<\/p>\n\n\n\n

The Price of Bitcoin and Key Triggers<\/h2>\n\n\n\n

At the time of writing, the price of Bitcoin is $31,065.02, an increase of 3.48 percent over the previous 24 hours. This is the highest price the cryptocurrency has reached since the beginning of the year. Bitcoin's growth during the Week-to-Date (WTD) period has increased by 20% due to the gains accumulated thus far.<\/p>\n\n\n\n

The United States Securities and Exchange Commission (SEC)'s recent approval of a leveraged Bitcoin exchange-traded fund (ETF) is a critical factor in the current growth of the cryptocurrency. <\/p>\n\n\n\n

Volatility Shares Trust submitted the Bitcoin ETF product, and the approval timing has sparked optimism that the industry may soon be approved a spot BTC ETF.\u00a0<\/p>\n\n\n\n

This Bitcoin ETF is the second unique ETF authorized by the SEC after the Futures Bitcoin ETF from ProShares sparked a wave of similar approvals more than a year ago. <\/p>\n\n\n\n

With the likes of BlackRock<\/use><\/svg><\/span><\/a> and WisdomTree placing wagers on securing approval for the crypto product, the Bitcoin token's positive sentiment is soaring, and its price is reflecting this.<\/p>\n\n\n\n

Bitcoin Price Forecast <\/h3>\n\n\n\n

With the Bitcoin price reaching its most significant level of the year, the consensus is that the price rally has become permanent. Numerous key performance indicators of the cryptocurrency indicate that its trading volume is still 12 percent below its all-time high, and pricing in the anticipated buyup by retail and institutional investors can help fuel the ongoing rally.<\/p>\n\n\n\n

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BTC\/USD 4H Chart. Source:\u00a0TradingView<\/a><\/figcaption><\/figure>\n\n\n\n

The MACD line (Blue) has crossed below the signal line (Orange) on the BTC\/USD 4H chart, indicating a short-term bullish trend. As previously affirmed by market analyst Rekt Capital, BTC has broken out of a Bull Flag, and a short- to medium-term retest of the\u00a0$35,000<\/strong>\u00a0price level is possible.<\/p>\n\n\n\n

#BTC<\/use><\/svg><\/span><\/a> has broken out from a Bull Flag$BTC<\/use><\/svg><\/span><\/a> #Crypto<\/use><\/svg><\/span><\/a> #bitcoin<\/use><\/svg><\/span><\/a> pic.twitter.com\/yhGyWsrrgF<\/use><\/svg><\/span><\/a><\/p>— Rekt Capital (@rektcapital) June 23, 2023<\/use><\/svg><\/span><\/a><\/blockquote> \n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has reached its highest price level of the year as a result of the US SEC’s approval of first leveraged Bitcoin ETF. The bullish rally Bitcoin (BTC) price has experienced this week is far from over, as the leading digital currency has momentarily retested the\u00a0$31,000\u00a0price level due to positive sentiments regarding the newly […]<\/p>\n","protected":false},"author":53,"featured_media":52997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83,21],"tags":[5371,5599,15005],"class_list":["post-52994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","tag-bitcoin-2","tag-etf-2","tag-bitcoin-etf-price"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/LK.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=52994"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/52994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/52997"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=52994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=52994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=52994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}