In a significant surge, Bitcoin’s price experienced a nearly 13% increase, reaching a peak of $35,157 before showing a slight retreat. At the time of this report, BTC was maintaining its gains, with an 11.55% increase over the last 24 hours, bringing it to $34,068.
If today’s trading session concludes in the green, Bitcoin is poised to complete its sixth consecutive day of positive price momentum, resulting in an impressive 20% gain for the week.
On-chain analytics firm IntoTheBlock has emphasized the ease with which Bitcoin surpassed the $30,000 price threshold. As per the current on-chain data, a remarkable 80% of Bitcoin holders are presently in a profitable position, a level last observed during the peak of the bull market in 2021.
Furthermore, there has been a notable 27% increase in the amount of BTC held by short-term holders over the past 30 days, a typical occurrence during bullish market conditions.
According to IntoTheBlock, Bitcoin appears to face no significant on-chain resistance as it approaches the $40,000 mark, with the $30,000 level serving as a robust support in case of a pullback.
Crypto analyst Ali has pointed out the formation of a substantial support zone for Bitcoin within the $25,000 to $30,000 range.
Ali also highlighted the UTXO Realized Price Distribution (URPD) model, suggesting that the next crucial resistance levels for Bitcoin lie at $38,440 and $47,360.
Bitcoin’s recent upsurge is attributed to the news that BlackRock’s iShares Bitcoin ETF (IBTC) has been listed with the Depository Trust and Clearing Corporation (DTCC), signaling potential approval by the SEC. ETF expert Eric Balchunas from Bloomberg noted that this listing is a significant step in the process of launching a cryptocurrency ETF.
The surge in Bitcoin’s price has also led to significant losses for bearish traders, exceeding $178 million in the last 24 hours, as the cryptocurrency surpassed a major resistance level. This remarkable price increase, driven by low trading volumes and heightened demand, has added billions of dollars to Bitcoin’s market value within hours. Additionally, Bitcoin resolved a bullish pennant pattern on its daily chart, further reinforcing its bullish momentum.