Home Bitcoin News Bitcoin Price Soars 15% Amid Speculation of Spot ETF Listing by DTCC

Bitcoin Price Soars 15% Amid Speculation of Spot ETF Listing by DTCC

Bitcoin

In a dramatic turn of events, Bitcoin’s price surged by more than 15% after rumors swirled about the potential listing of a spot ETF by the Depository Trust & Clearing Corporation (DTCC). The cryptocurrency made a powerful run towards the $35,000 resistance level before encountering some bearish pressure.

Achieving a new multi-week high at approximately $35,225, Bitcoin seemed poised for a breakout. However, a recent correction saw the price retreat below the $34,500 mark. This dip took it below the 23.6% Fibonacci retracement level, calculated from the recent low of $29,694 to the high of $35,225.

As it stands, Bitcoin is currently trading above $33,200 and comfortably above the 100-hourly Simple Moving Average. Furthermore, a critical breakout pattern is taking shape, with resistance emerging around the $34,050 range on the hourly chart of the BTC/USD pair. Notably, the triangle support is closely aligned with the 50% Fibonacci retracement level, derived from the surge from the $29,694 low to the $35,225 high.

On the upside, the immediate resistance to watch is near the $34,050 level, followed by a more significant obstacle at $34,800. However, the primary hurdle appears to be forming around the coveted $35,000 zone.

Riding the Bitcoin Wave: DTCC Spot ETF Speculation Fuels a 15% Surge

The world of cryptocurrency is once again awash with excitement as Bitcoin, the flagship digital asset, embarked on an impressive rally that saw it surge by over 15%. This remarkable uptick in Bitcoin’s value was triggered by speculation surrounding a spot ETF listing by the Depository Trust & Clearing Corporation (DTCC), a development that has captured the imagination of traders and investors alike.

Reaching a new multi-week high of approximately $35,225, Bitcoin appeared to be on the verge of breaking through its recent resistance levels. Nevertheless, a subsequent correction saw the price dip below $34,500, raising questions about the cryptocurrency’s immediate future.

Bitcoin’s Steady Recovery

Despite this correction, Bitcoin remains in a favorable position. It currently trades above $33,200 and has found support in the 100-hourly Simple Moving Average, instilling confidence among enthusiasts. Notably, a significant development is taking shape in the form of a key breakout pattern, with resistance forming around the $34,050 mark, according to the hourly chart for the BTC/USD pair. Furthermore, the triangle support is closely correlated with the 50% Fibonacci retracement level, which is calculated from the surge originating at the $29,694 low to the impressive high of $35,225.

Resistance and Prospects

As Bitcoin continues its dynamic journey, it faces several notable resistance levels. The immediate one to watch is situated around $34,050, marking a pivotal point for traders and investors. Should Bitcoin surpass this obstacle, it will confront the next significant resistance at $34,800. However, the cryptocurrency community’s collective gaze is fixed on the ultimate challenge: the $35,000 zone.

Unlocking the Potential: A Spot ETF Listing

At the heart of this latest Bitcoin frenzy is the prospect of a spot ETF being listed by the Depository Trust & Clearing Corporation (DTCC). An ETF, or Exchange-Traded Fund, is a financial instrument that tracks the performance of a specific asset or group of assets. In the case of a spot ETF, it would be directly tied to Bitcoin, allowing investors to gain exposure to the cryptocurrency’s price movements without owning the underlying asset.

The potential listing of a spot ETF by a reputable institution like DTCC has ignited excitement within the cryptocurrency community for several reasons. Firstly, it would provide a more regulated and secure means for investors to participate in the Bitcoin market. ETFs are subject to regulatory oversight, offering a layer of protection that many traditional investors seek.

Secondly, a spot ETF could lead to increased institutional adoption of Bitcoin. Institutions, such as pension funds and asset managers, often face barriers to direct investment in cryptocurrencies due to compliance and custody issues. A spot ETF could provide a viable avenue for institutions to enter the market, potentially driving substantial capital into Bitcoin.

Lastly, the listing of a spot ETF would likely broaden the appeal of Bitcoin to a wider range of investors. Retail investors, who may be hesitant to navigate the complexities of cryptocurrency exchanges, could gain exposure to Bitcoin through traditional brokerage accounts, making it more accessible to a mainstream audience.

The Technical Outlook

Taking a closer look at Bitcoin’s technical landscape, it’s evident that the cryptocurrency has made significant strides. However, the market remains dynamic and subject to fluctuations. Traders and analysts are keeping a keen eye on the current resistance levels, with the $34,050 and $34,800 marks representing crucial hurdles. Breaking through these barriers could pave the way for a renewed surge towards the coveted $35,000 threshold.

Investors should also monitor the triangle support level, closely tied to the 50% Fibonacci retracement, which currently serves as a pivotal point of reference. The interaction between these technical factors will likely play a significant role in shaping Bitcoin’s near-term price action.

A Look Ahead

As the Bitcoin market navigates this period of heightened speculation and price volatility, all eyes are on the potential spot ETF listing by the DTCC. The implications of such a development are profound, ranging from increased market security and institutional adoption to broader retail accessibility. Investors and enthusiasts will eagerly await further news on this front.

In the meantime, the cryptocurrency’s price movements will continue to draw attention. Bitcoin’s ability to overcome the key resistance levels will serve as a litmus test for its short-term performance. Traders and investors remain cautious but optimistic, as they monitor the cryptocurrency’s dynamic journey through the digital financial landscape.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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