An gain of 7.5% in the price of Bitcoin over the past twenty-four hours has resulted in the price reaching above $45,900 in the most recent few hours. Below are the three primary causes behind this:
1.A Huge Offer from CME
The operations that took place on the Chicago Mercantile Exchange (CME) were primarily responsible for the recent spike in the price of Bitcoin. There was a period of time when the price of Bitcoin on CME was nearly $1,400 higher than it was on Coinbase, which indicates that there was strong purchasing pressure on cryptocurrency exchanges.
Due to the fact that the CME Group, which is a well-known exchange for cash settled Bitcoin futures contracts, is able to attract a sizeable number of institutional investors, the price changes that it experiences are particularly notable. The odd trading behavior was brought to light by analyst Will Clemente, who stated via X that "CME trading at fresh 52-week highs on an illiquid Monday night like someone knows something."
2.Bold Predictions Are Shared by Leading Experts
Significant market expectation has been sparked as the deadline for the United States Securities and Exchange Commission's (SEC) decision on the approval of a spot Bitcoin exchange-traded fund (ETF) draws closer. The deadline is set for January 10. According to a story that was published by Bitcoinist today, the SEC is apparently finishing up the paperwork.
Additionally, yesterday, there was an increase in the number of speculations that the Securities and Exchange Commission (SEC) would approve a batch of spot Bitcoin exchange-traded funds (ETFs) as early as today, on January 2. According to a report from Reuters, the Securities and Exchange Commission (SEC) may be able to provide issuers with information on their authorization to launch spot Bitcoin exchange-traded funds (ETFs) for the following week as early as today, Tuesday or Wednesday. The investors may have had a feeling of FOMO, which stands for fear of missing out, as a result of this supposition.
That being said, this is by no means a finalized agreement. During her discussion on X, Eleanor Terrett of FOX Business offered her observations and commented on the unpredictability of the SEC. Terrett made the following observation: "Despite the fact that the SEC is undoubtedly unpredictable, it would be surprising to me if approvals were to take place [today]." [...] The Securities and Exchange Commission (SEC) is still required to analyze all of the modifications that were made to the S-1s that were submitted on Thursday and Friday, as well as to provide feedback on those modifications.
3. Powerful Technicals on a Number of Different Time Frames
Bitcoin's technical performance was characterized by the presence of strong bullish signals over a variety of time periods. Skew, a well-known cryptocurrency expert, focused his attention on the 30-minute chart of the Bitcoin to US Dollar exchange rate. A chart was connected to a post that Skew made on X, and he assessed the following:
Bitcoin (BTC) has successfully rebounded from the lower lower end of the ascending trend channel and is currently attempting to surpass the upper resistance on the daily chart. Bitcoin has once again shown respect for the trend that began in the middle of October and is currently beginning another effort to break out of the current range. It is possible that a daily close that is higher than $45,500 will be crucial. After that, the next possible objective might be the 0.618 Fibonacci retracement level, which is located at $48,700. At the time of publication, the price of Bitcoin was $45,693.
