Bitcoin breaks new high of $47,000 as BTC ETF spot approval deadline approaches

[ad_1]

Bitcoin price hit a new high since April 2022, surpassing $47,000, and market participants expressed excitement about institutional investors’ participation in BTC.

Starting at $44,000 on January 8, Bitcoin has quickly risen by more than 6.5% in the past 24 hours and has gained 177% in the past 12 months to reach its highest level since the beginning of the year at $47,284.

Notably, Bitcoin’s rise comes amid market excitement ahead of the U.S. Securities and Exchange Commission’s (SEC) approval of a spot BTC ETF. Bloomberg analysts expect a decision as early as January 10.

It can be seen that the last time Bitcoin traded above $47,000 was nearly 20 months ago, on April 3, 2022, before falling into a long-term bear market that caused the price to drop to as low as $15,600.

Given Bitcoin’s significant bullish performance, trader and analyst Jin has tagged BTC to target the “21 EMA” as support. At the same time, he added that the price of the leading cryptocurrency is approaching $48,000. Meanwhile, popular X user Byzantine General noted that “a large number of sell orders have just been liquidated” as the price quickly rose to $47,000.

48,000 comments 🤝🔥https://t.co/qf1YSWLwDq

— Jin (@trader1jin) January 8, 2024

In addition, according to Coinglass data, Bitcoin short liquidation volume reached $76 million that day and is still increasing. Market-wide short liquidation amount reached $112 million.

Cryptocurrency liquidation chart. Source: Coinglass

Many market participants expect the bullish price action to continue with the news of the approval of a Bitcoin ETF spot.

Besides Bitcoin, altcoins are also awash in green. Many of the big projects in the top 100 recorded double-digit profits.

The entire cryptocurrency market on the morning of January 9, 2024.

Internet Computer (ICP), Stacks (STX), and Bitcoin SV (BSV) were the three best-performing coins on the day, rallying over 20%.

Bonk (BONK), Injective (INJ), WOO Network (WOO), Astar (ASTR), Render (RNDR), Mina (MINA), ORDI (ORDI), eCash (XEC), Terra Classic (LUNC), Sei (SEI )), Solana (SOL), Algorand (ALGO), Cardano (ADA), Bitcoin Cash (BCH)… all increased by more than 10% compared with the previous 24 hours.

After a period of adjustment, Ethereum (ETH) successfully broke through the $2,300 mark yesterday, rising by more than 5%. Currently, the largest proof-of-stake smart contract project on the market is trading at around $2,330.

Current Bitcoin Price

VIC encryption compilation

related news:

Which country leads interest in Bitcoin ETFs?