Bitcoin’s price has surged above $45,500 in recent hours, experiencing a 7.5% increase in the last 24 hours. There are three main reasons behind this price jump.
Firstly, the Chicago Mercantile Exchange (CME) has seen a massive bid for Bitcoin, with its price approximately $1,400 higher than on Coinbase, suggesting significant buying pressure on the CME platform. CME is known for attracting institutional investors, so its price movements are closely watched.
Secondly, there are rumors circulating about the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). The approaching January 10 deadline for the SEC’s decision has caused market anticipation. While there are speculations that the SEC could approve a batch of spot Bitcoin ETFs soon, it is not a guaranteed outcome.
Lastly, Bitcoin has shown strong technical signals across multiple time frames. On the 30-minute chart, it has been displaying bullish indicators, including testing key moving averages and reclaiming momentum. On the daily chart, it bounced off the lower end of an ascending trend channel and is attempting to break through upper resistance. A daily close above $45,500 could be significant, with the next target being the 0.618 Fibonacci retracement level at $48,700.
It is important to note that this information is provided for educational purposes only and should not be taken as financial advice.