The price of Bitcoin managed to break through the resistance zone of $35,000 for the first time since the beginning of May, which marked quite a staggering gain over the last 24 hours. The price of the cryptocurrency had managed to spike upwards on the 23rd of October, leading to the cryptocurrency gaining more than 10% from $31,000 to over $34,000.
Just less than two hours after it broke through the resistance zone of $34,000, the cryptocurrency managed to reach as high as $35,300, according to data that was received from TradingView. As it stands currently, the cryptocurrency has been changing hands for a sum of $34,550. This sudden increase in price for the cryptocurrency comes at the same time one sees a fresh wave of interest in several upcoming spot exchange-traded fund approvals, along with a significant increase in overall trading volumes across multiple spot markets.
Bitcoin Crashes Through The Resistance Zone
The surge also came amid multiple developments that were related to the proposed spot BTC ETF by BlackRock. On the 23rd of October, a post made on X by analyst Scott Johnson went on to point out two new pieces of information that would hint at a spot Bitcoin ETF approval- which could be getting closer for the investment giant. Johnson went on to highlight that BlackRock had managed to secure a specific license called CUSIP, and could soon start the process of seeding the spot ETF product with cash- as early as this month.
In a response to this post, Eric Balchunas, a senior Bloomberg ETF analyst, went on to note that seeding an ETF was not really a lot of money and would be enough to see a Bitcoin ETF going- but he also noted that it was nevertheless a good sign, and would mark yet another step in the process of launching the ETF.
