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The Bitcoin price surged nearly 13%, rising to a high of $35,157 before slightly retreating. At the time of writing, BTC was sustaining its gains, up 11.55% in the last 24 hours to $34,068.
If today closes in green, Bitcoin would mark its sixth consecutive day of positive price action, which has culminated in weekly gains of 20%.
On-chain analytics firm IntoTheBlock highlights the ease with which Bitcoin broke through the $30,000 price barrier. According to the current on-chain picture, 80% of holders are currently in profit, a level not seen since the bull market peak in 2021.
Tomiwabold OlajideThere is also a 27% increase in the 30-day amount of BTC held by short-term holders, typical during bullish conditions.
Moving forward, IntoTheBlock indicated that there is no particularly large potential on-chain resistance as Bitcoin approaches $40,000, and the $30,000 level may operate as a sturdy support in the event of a retrace.
Crypto analyst Ali pointed out that Bitcoin has built a massive support barrier between $25,000 and $30,000.
Per the UTXO Realized Price Distribution (URPD) model, Bitcoin might target the $47,000 level if the next critical barrier of $38,440 is broken.
According to Ali, the next two critical areas of resistance for BTC are $38,440 and $47,360, per the UTXO Realized Price Distribution (URPD) model.
Bitcoin price surges
Bitcoin surged on the news that BlackRock's iShares spot Bitcoin ETF IBTC has now been listed with the Depository Trust and Clearing Corporation (DTCC), signaling potential SEC approval.
According to Bloomberg ETF expert Eric Balchunas, this step is "all part of the process" for launching a crypto ETF.
Bearish Bitcoin (BTC) bets have lost traders more than $178 million in the last 24 hours as prices rocketed past a major resistance level.
BTC put in a new yearly high; the massive rise was likely driven by low volumes and outsized demand, adding tens of billions of dollars to market value in hours. Bitcoin also resolved a bullish pennant on its daily chart.
Arman Shirinyan
Dan Burgin
Alex Dovbnya
Vladislav Sopov