Current situation: The price of Bitcoin has reached $47,000, marking a significant rally. This surge is attributed to the anticipation of a positive outcome regarding the approval of Bitcoin spot Exchange-Traded Funds (ETFs).
After a full day of rallying, the BTC price entered the highest level since the previous bull market and passed $47,000. How high will the price go before the final spot ETF decision? Why is the price rallying?
Key Factors Influencing the Rally:
- ETF Approval Anticipation: The market is optimistic about the approval of Bitcoin spot ETFs, which isexpected to be confirmed on Wednesday.
- Final Submission of S-1 Forms: Out of 11 required forms, 9 have been submitted by ETF applicants.
- Disclosure of ETF Fees: ETF applicants have revealed their proposed fee structures for the upcoming Spot Bitcoin ETFs.
Market Analysis:
- New high in 2024: This level of pricing hasn’t been seen since the previous bull market.
- Given the influx of new information and pending ETF approval, the market is expected to experience increased volatility.