Bitcoin price trades near key $31.7K pivot point — Can BTC bulls keep up the volume?

Referring to Johnssons post, Bloomberg Senior ETF expert Eric Balchunas warned his followers to not get extremely thrilled, and discussed that the amended iShares (Blackrock) S-1 document shows BlackRock could be preparing to seed their ETF and that “disclosing it shows another step in the process of releasing.”Balchunas clarified the process, saying: “Background: Seeding an ETF is when initial financing is supplied (usually) by a bank or broker dealership used to buy a few development units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One.”Related: Bitcoin ETF to set off huge need from organizations, EY saysBitcoin spot volumes and institutional financier activity make wavesFrom the perspective of market analysis, Bitcoins speedy move through the $30,000 zone appears driven by spot volume. BTC/USDT 1-hour chart. Source: VeloData from CoinMetrics likewise shows an uptick in weekly crypto possession inflows by institutional financiers into digital property financial investment products. Weekly crypto property streams. Source: CoinSharesCoinShares analyst David Butterfill stated,”Digital possession financial investment products saw inflows for the 4th consecutive week totalling US$ 66m, bringing the last 4 week run of inflows to US$ 179m. Following current price gratitude, overall Assets under Management (AuM) have increased by 15% because their lows in early September, now totalling almost US$ 33bn, the acme since mid-August.”Volumes for CME futures likewise doubled, a reflection that spot and futures traders have fresh bullish belief about Bitcoins current rate action. Bitcoin futures volume and open interest. Source: CME GroupBitcoin futures volume and open interest. Source: CME GroupThe uptick in CME volumes and spot volume, rather than a rise in Binance futures open interest recommends that todays relocation could be more than simply the basic leverage-loving retail trader trying to open margin longs and shorts on the recent cost move.From the technical analysis side, Bitcoins 20-day moving average has slightly pushed above the 200-day moving average, which is a positive relocation, however many traders will be waiting for the expected critical golden cross where the 50-day moving typical moves above the 200-day moving average.BTC/ USDT daily chart. Source: TradingViewIn terms of Bitcoins market structure on the longer timeframe, successive day-to-day closes above the $31,700 level would be notable as weekly or day-to-day higher high candles above this level puts the rate above a crucial pivot point and gets in area not seen considering that May 2022. This post does not include financial investment suggestions or recommendations. Every investment and trading move involves threat, and readers must perform their own research when deciding.

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“Related: Bitcoin ETF to activate massive need from institutions, EY saysBitcoin spot volumes and institutional investor activity make wavesFrom the vantage point of market analysis, Bitcoins swift relocation through the $30,000 zone appears driven by area volume.”Volumes for CME futures also doubled, a reflection that area and futures traders have fresh bullish belief about Bitcoins current rate action. Source: CME GroupThe uptick in CME volumes and spot volume, as opposed to a rise in Binance futures open interest recommends that this weeks relocation might be more than simply the standard leverage-loving retail trader trying to open margin longs and shorts on the recent price move.From the technical analysis side, Bitcoins 20-day moving average has somewhat pushed above the 200-day moving average, which is a positive relocation, however many traders will be waiting for the expected all-important golden cross where the 50-day moving typical relocations above the 200-day moving average.BTC/ USDT day-to-day chart.

Bitcoin (BTC) cost pushed above the $31,000 mark on Oct. 23, notching a near 4-month high last seen when BTC cost traded at $31,800. The fresh benefit push comes as financiers and experts express their excitement over brand-new advancements which might point to the impending launch of an area Bitcoin ETF. 2 things captured my eye from the latest iShares (Blackrock) S-1 change:- Theyve acquired a CUSIP in prep for a launch- They might be looking to seed with cash this month (which is earlier than I wouldve believed, but might be nothing) pic.twitter.com/lMDaKxiIbB— Scott Johnsson (@SGJohnsson) October 23, 2023