Bitcoin (BTC) and Ethereum (ETH) got off to a strong start with the start of the Asian week. Bitcoin continues to climb above the $30,000 mark, while Ethereum climbs 1.3% to $1,901 over a 24-hour period.
Analysts say Bitcoin and Ethereum posted their highest weekly gains since March, boosted by multiple Bitcoin ETF filings. According to CoinDesk Indices’ Bitcoin Trend Indicator (BTI), Bitcoin is on a “great uptrend,” up 15.6% last week and up 17% over the past 14 days.
“Last week, we pointed out that the market looks strong in the medium to long term and that Bitcoin is likely to get the spotlight. Bitcoin broke the $30,000 resistance and managed to stay above $30,000 despite the volatility. There are,” said Joe DiPasquale of BitBull Capital.
DiPasquale sees continued gains across the market in the coming weeks, but also expects volatility.
“Meanwhile, altcoins are also starting to rise. However, the next few weeks are likely to be volatile. If Bitcoin sustains above $30K for a long time, it could rise again. The dollar has provided strong support.”
According to CoinGlass data, the weekend was slightly dominated by traders with short positions. In the last 24 hours, long positions were liquidated at $9.5 million and short positions at $710. Open interest increased to $14.6 billion from $11.7 billion early last week.
The U.S. Securities and Exchange Commission (SEC) has not announced when it will announce its decision on the BlackRock, Invesco and WisdomTree bitcoin ETFs.
Many market players are optimistic that BlackRock’s inclusion of a surveillance sharing agreement in its application will move the SEC toward approval. In 2021, before the country’s first Bitcoin ETF was approved, the country’s Securities Commission wanted a mature cryptocurrency custody.
How high will Bitcoin go by then?
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: First Mover Asia: Bitcoin Opens the Week Above $30K Amid Rising Investor Optimism