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.

“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

Other Questions People Ask

What does the Bitcoin price trading near the key $31.7K pivot point indicate for BTC bulls?

The Bitcoin price trading near the key $31.7K pivot point suggests that BTC bulls are gaining momentum, especially with recent spot volume increases. This level is crucial as it marks a significant psychological barrier and could lead to further upward movement if sustained. Analysts are watching for daily closes above this level, which would indicate a bullish trend and potential for higher highs not seen since May 2022.

How might institutional investor activity impact Bitcoin price near the $31.7K pivot point?

Institutional investor activity plays a vital role in Bitcoin price dynamics, particularly as it approaches the $31.7K pivot point. Recent inflows into digital asset investment products indicate growing institutional interest, which can drive prices higher. As more institutions enter the market, their buying power could help maintain the bullish momentum and support BTC's price above this critical level.

What technical indicators should traders watch as Bitcoin approaches the $31.7K pivot point?

As Bitcoin approaches the $31.7K pivot point, traders should closely monitor the 20-day and 200-day moving averages. A recent crossover where the 20-day moving average has moved above the 200-day average is a positive sign, but many are waiting for the golden cross of the 50-day moving average surpassing the 200-day average. These indicators can provide insights into potential price movements and confirm bullish trends.

What role does Bitcoin ETF speculation play in price movements near the $31.7K pivot point?

Speculation surrounding Bitcoin ETFs significantly influences price movements, particularly as Bitcoin hovers around the $31.7K pivot point. The anticipation of an upcoming Bitcoin ETF launch has generated excitement among investors, potentially leading to increased buying pressure. This speculation can create a self-fulfilling prophecy, where bullish sentiment drives prices higher as more traders enter the market in expectation of future gains.

Can Bitcoin sustain its price above the $31.7K pivot point in light of recent market trends?

Sustaining Bitcoin's price above the $31.7K pivot point will depend on continued bullish sentiment and volume from both retail and institutional investors. Recent data shows a significant uptick in spot volumes and CME futures, indicating that traders are optimistic about BTC's price action. If this trend continues, it could solidify Bitcoin's position above this critical level and pave the way for further gains.