Early on Saturday, trading for Bitcoin, the first and biggest cryptocurrency by market capitalization, varied between $43,750 and $44,384.
The day before, Bitcoin hit highs of $44,754 following a better-than-expected U.S. employment report that dimmed interest rate predictions for the upcoming year. However, the impetus gradually faded.
Since the beginning of October, when rumours about the approval of a Bitcoin spot ETF first surfaced, the price of bitcoin has increased by almost 60%.
The top cryptocurrency was up 0.76% over the previous day to $43,825 as traders processed the swift increase to almost $45,000 this week following its breakout from $38,000 a week ago.
Even if Bitcoin’s momentum has slightly slowed, traders still appear to be aiming for the $50,000 price threshold.
Options traders have been hedging their bets on Bitcoin hitting $50,000 by January, when many market observers anticipate the SEC will finally let exchange-traded funds to own the cryptocurrency directly, according to Bloomberg.
Market watchers believe that this rise will persist and that Bitcoin will reach $50,000, the level at which option strikes are converging.
Meanwhile, money has been flowing to cryptocurrencies due to the stable price of Bitcoin (BTC). Cardano, which ranks seventh in terms of market value, has had a surge of up to 24%, while Polkadot has gained almost 20%, and Avalanche has experienced a gain of nearly 22%.
The pivotal resistance level for Bitcoin is $47,360 on the upswing. Analysts predict that Bitcoin might hit new all-time highs if the resistance level of $52,000 is breached.
However, cryptocurrency researcher Willy Woo notes that there is a $39,000–$41,000 price gap in the Bitcoin CME, which may mean that in the case of a decline in price, Bitcoin may retest these levels.
