Bitcoin is poised to break above the $39,000 mark, with bullish sentiment still prevailing. Currently, Bitcoin is trading at $38,790, representing a 0.07% increase in the past 24 hours. If the price successfully surpasses $39,000, it is likely to test the $40,600 resistance level.
The recent Binance settlement has played a significant role in the price surge of Bitcoin. Initially, there were mixed signals in the market following Binance’s $4.3 billion settlement with the US DOJ. However, once the dust settled, the market experienced a positive shift. Binance’s Bitcoin reserves initially decreased by 17%, but have since increased by over 1%.
Institutional investors are also contributing to the current boom in Bitcoin and other cryptocurrencies. According to CoinShares, institutional investors have invested over $1.5 billion in the cryptocurrency market in the past year. Last week alone, institutional investors poured $311 million into Bitcoin, marking the largest notable weekly influx since November 2021.
There is growing optimism as the clearance for the spot Bitcoin ETF approaches. Analyst James Seyffart from Bloomberg predicts that the approval date could fall between January 5 and January 10 of next year. This prediction follows a series of intentionally postponed due dates, indicating a coordinated effort by the SEC to approve multiple ETF applications simultaneously.
If the price manages to surpass $39,000, it is expected to test the $40,600 resistance level. On the other hand, if the price drops below $38,260, it is likely to test the $37,520 support level.
Article written by Imran, a passionate writer with a diploma in digital currency. He stays updated with the latest developments and news in the crypto world.
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