{"id":179727,"date":"2023-10-24T03:14:59","date_gmt":"2023-10-23T21:44:59","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179727"},"modified":"2023-10-24T03:14:59","modified_gmt":"2023-10-23T21:44:59","slug":"bitcoin-price-trades-near-key-31-7k-pivot-point-can-btc-bulls-keep-up-the-volume-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-trades-near-key-31-7k-pivot-point-can-btc-bulls-keep-up-the-volume-crypto-news\/","title":{"rendered":"Bitcoin price trades near key $31.7K pivot point \u2014 Can BTC bulls keep up the volume? – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>) price pushed above the $31,000 mark on Oct. 23, notching a near 4-month high last seen when BTC price traded at $31,800.\u00a0<\/p>\n

The fresh upside push comes as analysts and investors express their excitement over new developments which could point to the impending launch of a spot Bitcoin ETF. <\/p>\n

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So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
– They’ve obtained a CUSIP in prep for a launch
– They may be looking to seed with cash this month (which is earlier than I would’ve thought, but may be nothing) pic.twitter.com\/lMDaKxiIbB<\/a><\/p>\n

\u2014 Scott Johnsson (@SGJohnsson) October 23, 2023<\/a><\/p><\/blockquote>\n

Referring to Johnsson\u2019s post, Bloomberg Senior ETF analyst Eric Balchunas cautioned his followers to not get overly excited, and explained that the amended iShares (Blackrock) S-1 document shows BlackRock could be preparing to seed their ETF and that \u201cand disclosing it<\/a> shows another step in the process of launching.\u201d<\/p>\n

Balchunas clarified the process, saying<\/a>: <\/p>\n

\u201cBackground: Seeding an ETF is when initial funding is provided (typically) by a bank or broker dealer used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>Bitcoin ETF to trigger massive demand from institutions, EY says<\/em><\/strong><\/a><\/p>\n

Bitcoin spot volumes and institutional investor activity make waves<\/h2>\n

From the vantage point of market analysis, Bitcoin\u2019s swift move through the $30,000 zone appears driven by spot volume. <\/p>\n

BTC\/USDT 1-hour chart. Source: Velo<\/em><\/figcaption><\/figure>\n

Data from CoinMetrics also shows an uptick in weekly crypto asset inflows by institutional investors into digital asset investment products. <\/p>\n

Weekly crypto asset flows. Source: CoinShares<\/em><\/figcaption><\/figure>\n

CoinShares analyst David Butterfill said<\/a>,<\/p>\n

\u201cDigital asset investment products saw inflows for the 4th consecutive week totalling US$66m, bringing the last 4 week run of inflows to US$179m. Following recent price appreciation, total Assets under Management (AuM) have risen by 15% since their lows in early September, now totalling nearly US$33bn, the highest point since mid-August.\u201d<\/p><\/blockquote>\n

Volumes for CME futures<\/a> also doubled, a reflection that spot and futures traders have fresh bullish sentiment about Bitcoin\u2019s recent price action. <\/p>\n

Bitcoin futures volume and open interest. Source: CME Group<\/em><\/figcaption><\/figure>\n
Bitcoin futures volume and open interest. Source: CME Group<\/em><\/figcaption><\/figure>\n

The uptick in CME volumes and spot volume, as opposed to a surge in Binance futures open interest suggests that this week\u2019s move could be more than just the standard leverage-loving retail trader attempting to open margin longs and shorts on the recent price move.<\/p>\n

From the technical analysis side, Bitcoin\u2019s 20-day moving average has slightly pushed above the 200-day moving average, which is a positive move, but many traders will be waiting for the supposed all-important golden cross where the 50-day moving average moves above the 200-day moving average.<\/p>\n

BTC\/USDT daily chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

In terms of Bitcoin\u2019s market structure<\/a> on the longer timeframe, successive daily closes above the $31,700 level would be notable as daily or weekly higher high candles above this level puts the price above a key pivot point and enters territory not seen since May 2022. <\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) price pushed above the $31,000 mark on Oct. 23, notching a near 4-month high last seen when BTC price traded at $31,800.\u00a0 The fresh upside push comes as analysts and investors express their excitement over new developments which could point to the impending launch of a spot Bitcoin ETF. So two things caught […]<\/p>\n","protected":false},"author":2,"featured_media":179728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-179727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179727"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179727\/revisions"}],"predecessor-version":[{"id":179730,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179727\/revisions\/179730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/179728"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}