{"id":563705,"date":"2023-12-04T07:00:37","date_gmt":"2023-12-04T07:00:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=563705"},"modified":"2024-06-11T07:39:40","modified_gmt":"2024-06-11T07:39:40","slug":"bitcoin-price-blasts-past-41500","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-blasts-past-41500\/","title":{"rendered":"Bitcoin Price Blasts Past $41,500: Here Are The Reasons"},"content":{"rendered":"

In a remarkable surge, Bitcoin’s price has soared past the $41,500 mark, fueled by a confluence of factors ranging from market anticipation of a Bitcoin spot ETF to broader financial trends. Here’s a detailed analysis of the key reasons behind this rally:<\/p>\n

#1 Spot Bitcoin ETF: The Anticipation Game<\/h2>\n
The buzz around the approval of a spot Bitcoin ETF remains probably the most significant driver of the recent price surge. Although there hasn’t been a specific update, the market anticipation is palpable, with a FOMO effect kicking in. Last week, Bloomberg analyst James Seyffart suggested<\/a> that a spot ETF is likely to be approved between January 8 and 10, causing the market to react.<\/p>\n
Renowned Bitcoin analyst Willy Woo mirrored the anticipation with this statement<\/a>, “It’s very likely we are on the eve of a Bitcoin spot ETF. The first commodity ETF was SPDR Gold Trust. It provided a simple way for investors to access gold in their portfolio. When it launched gold went on to an 8 year rally with no single down year between 2005 – 2012.”<\/p>\n
$\"gold$
gold spot price rally after first ETF | Source: X @woonomic<\/figcaption><\/figure>\n
#2 Gold’s Meteoric Rise And Its Correlation With BTC<\/h2>\n
The unexpected rise of gold, surging by 3.5% in just 30 minutes to a new all-time high on a Sunday afternoon, may have also had repercussions for Bitcoin. This rapid ascent in gold\u2019s value could signal more than just market fluctuations; it could reflect deeper economic shifts that have direct implications for Bitcoin.<\/p>\n
Related Reading: Over 80% Of Bitcoin Holders Now In Profit \u2013 Report<\/a><\/div>\n
Crypto Analyst @TheFlowHorse remarked<\/a>, \u201cUnless someone is getting carried out right now after shorting Gold, this is saying something important. Gold doesn’t just arbitrarily rip on a Sunday like this unless it means something.\u201d Tom Crown, founder and CEO of Crown Analysis, added<\/a>, \u201cSomething VERY BIG is coming tomorrow. Gold just BLASTED past all-time highs on a Sunday night. Someone knows something.\u201d<\/p>\n
#3 Bitcoin Short Squeeze<\/h2>\n
The liquidation of $65.15 million in Bitcoin short positions, according Coinglass data<\/a>, has further propelled Bitcoin\u2019s price. The short squeeze, combined with strong spot demand, has been a key factor. Crypto analyst Skew noted<\/a>, \u201cAnother big short squeeze pushing price above $40K. Slight perp premium on Binance during the squeeze, indicating spot selling into the short squeeze.\u201d<\/p>\n
$\"Bitcoin$
Bitcoin liquidations | Source: Coinglass<\/figcaption><\/figure>\n
#4 Whales And Institutional Buyers<\/h2>\n
The current surge in Bitcoin’s price has been significantly influenced by whales and institutional buyers. Market analyst Skew pointed out their impact, stating, \u201cSomeone is still aggressively chasing price here. More importantly if said large market entity actually allows some bids to get filled or not. IF filled then expected for them to push the price higher. Clearly $40K is the price for institutional players.\u201d<\/p>\n
Related Reading: Bitcoin\u2019s Bullish Surge Ahead: Deribit Predicts Major Price Leap In Early 2024<\/a><\/div>\n
Keith Alan, co-founder of Material Indicators, further emphasized the role of these large holders, tweeting, \u201c Bitcoin Whales<\/a> just blasted through $40k.\u201d His statement underlines the significant influence whales have in driving up Bitcoin’s price. He added, “Locking in some profit here. $42k is a high probability, but definitely not guaranteed.”<\/p>\n
Additionally, GreeksLive, a trading tools provider, noted the broader market trend, stating, \u201cBitcoin broke through $41,000, Ethereum broke through $2,200… The giant whale once again showed a sense of smell before the market.\u201d<\/p>\n
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December saw a rise beyond expectations, bitcoin broke through $41,000, ethereum broke through $2,200, and continued to rise almost without retracement.
The giant whale once again showed a sense of smell before the market, from last week to re-add positions in the block call,\u2026 https:\/\/t.co\/EO6MddoNXX<\/a> pic.twitter.com\/ekD4LiLExs<\/a><\/p>\n
— Greeks.live (@GreeksLive) December 4, 2023<\/a><\/p><\/blockquote>\n