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Here's Major Reason Why Bitcoin (BTC) Surged to $26,500 and Then Fell Back

Wed, 09/13/2023 - 09:32
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Yuri Molchan
Recent analytics report explains Bitcoin (BTC) 'price jerk' as it rose and quickly fell back again
Here's Major Reason Why Bitcoin (BTC) Surged to $26,500 and Then Fell Back
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Santiment on-chain data vendor has shared the reason that likely inflated the Bitcoin price to the $26,500 level quickly on Sept. 12 from the $25,100 zone. However, the leading digital currency then promptly returned below the $26,000 mark.

New ETF filing propels Bitcoin price surge

According to a recent X post by Santiment, the recent filing for permission to launch a Bitcoin spot ETF made by Franklin Templeton, a digital assets management company holding $1.5 trillion and based in San Mateo, pushed the Bitcoin price up 4.58%, adding approximately $1,000 to its value within a couple of hours, as a great amount of FOMO (acronym for "fear of missing out") was generated.

With a new runner in this race, there are now around 20 filings made for a Bitcoin spot ETF that are being considered by the Securities and Exchange Commission. However, the momentum gained by Bitcoin all of a sudden died down pretty quickly. Santiment has called what happened on Tuesday, an "overreaction" of the crypto community as the ETF news went to the masses. Now, traders are taking profit from their BTC, which jumped slightly yesterday.

In another X post, Santiment also stated it spotted approximately 1.1 million BTC wallets interacting on a daily basis since the end of last week — that was a five-month peak of this metric.

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Analyst expects Bitcoin to rise to $31,800

Prominent cryptocurrency analyst Ali Martinez has taken to X app to share that he spotted a buy signal shown by the TD Sequential indicator on Bitcoin's weekly chart.

In order to confirm this, per the analyst, Bitcoin needs to close above the $25,600 level this week. If that happens, the possible price targets might be the levels of $28,350 and perhaps even $31,800.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at