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Bitcoin Eyes Breaking Above $39,000 as Bulls Still in Control

  • At the time of writing, Bitcoin is trading at $38,790, up 0.07% in the last 24 hours.
  • If the price manages to go past the $39,000 mark then it will likely test $40,600.

The price of bitcoin has been rising sharply, and it is already approaching the $39,000 threshold. A major contributor to this gain is the recent Binance settlement. At first, the market experienced conflicting signals from the $4.3 billion settlement that Binance reached with the US DOJ.

However, the market witnessed a positive shift once the dust settled. There was a 17% decline in Binance’s Bitcoin reserves in the outset, but those reserves have subsequently increased by over 1%.

Optimistic Outlook

Institutional investors are pouring a lot of money into Bitcoin and other cryptocurrencies, which is also fueling the current boom. Institutional investors have poured over $1.5 billion into the cryptocurrency market during the last year, according to CoinShares. The largest notable weekly influx since November 2021 was the $311 million that institutional investors put into Bitcoin only last week.

As the spot Bitcoin ETF clearance draws near, experts are getting more optimistic. James Seyffart, an analyst at Bloomberg, has provided some crucial information; he predicts that the approval date would fall anywhere between January 5 and January 10, of next year.

This prediction follows a series of intentionally postponed due dates, suggesting the SEC is making a coordinated effort to approve several ETF applications simultaneously. At the time of writing, Bitcoin is trading at $38,790, up 0.07% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 19.62%.

If the price manages to go past the $39,000 mark then it will likely test $40,600 resistance level. However, if the price goes below $38,260 then it will likely test $37,520 support level.

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