Bitcoin price just set a higher high above the current 2023 high and 52-week high.
What’s next after this as Bitcoin bulls continue to march upward?
Bitcoin Price Sets New 52-Week High
Bitcoin price is now trading above $31,800, which was the most recent 2023 high set back in July. Not only did July hold the record for the highest price in all of 2023, but it was the standing 52-week high — another important measure of an asset’s success.
A 52-week high represents one full year of trading, which is a slightly different metric than the 2023 high.
ETF Rumors Cause A Frenzy Of Buying
The sustained buying is being driven by rumors circulating that BlackRock’s spot ETF could be approved any day.
– Rumors of SEC communicating with potential Bitcoin ETF issuers
– Issuers update filings
– BlackRock’s Bitcoin ETF listed on the Depository Trust & Clearing Corporation
– Judge orders SEC to revisit Grayscale’s spot ETF filingThe signs are all there, it’s coming.
— Will Clemente (@WClementeIII) October 23, 2023
The ETF being listed by the Depository Trust & Clearing Corporation caused additional speculation this afternoon, propelling prices powerfully higher.
High Times: What’s Next For BTCUSD?
If Bitcoin can continue its rally, the next major points of resistance are locally at $36,000 per coin and higher at between $42,000 and $48,000.
Beyond those levels, BTCUSD would be potentially revisiting all-time highs above $60,000 per coin. Will this buying activity keep up and turn into an impulse that takes BTC to new all-time highs?