The value of Bitcoin has experienced a rapid surge, catapulting from $39,000 to $44,000 within this week. Notably, traders who had placed bets against this upward movement faced substantial losses—$90 million on Tuesday and an additional $70 million on Monday. The driving forces behind this surge encompass various factors, including the anticipation of a potential approval for a U.S. spot exchange-traded fund (ETF), the expected U.S. rate cuts that favor riskier investments such as Bitcoin, and the possibility of increased acceptance of Bitcoin in major global economies. The heightened demand for Bitcoin exposure is evident in a significant move by some traders who placed a $200 million Bitcoin futures position over the weekend. This substantial investment underscores the growing interest and confidence in Bitcoin within the financial markets. Furthermore, the surge in Bitcoin’s value coincides with ongoing updates and changes related to spot ETF applications. Analyzing the situation, Julius de Kempenaer, a senior technical analyst at, points out that the groundwork for this rally was laid in the week beginning 10/23 when Bitcoin overcame resistance in the $30,000 area. Looking ahead, he suggests that, based on the weekly chart, the next expected resistance level is around $48,000, which was the peak observed at the end of March 2022. Despite potential challenges, the overall trend for Bitcoin appears strongly upward, with a preliminary target at $48,000 and support anticipated near $38,000, as highlighted by de Kempenaer.
Bitcoin Rockets to ₹37 lakhs Burning Short Traders and Igniting Market Frenzy
