Bitcoin Just Hit $31,000: What's Going On?

The price of Bitcoin BTC/USD just crossed the $31,000 mark for the first time since July. Here’s a look at what’s going on.

What To Know: Bitcoin is up more than 4% over the last 24 hours and nearly 11% over the last week amid multiple developments that appear to be boosting the broader cryptocurrency market. 

The momentum in Bitcoin appears to be partially driven by continued optimism surrounding a potential spot ETF.

Also Read: Crypto Analyst Sounds Alarm On Bitcoin’s Rally, Warns Traders Not To ‘Go Crazy’ As Crypto Soars By 10%

BlackRock and Fidelity introduced changes to their spot Bitcoin ETF submissions last week and Grayscale recently submitted an S-3 filing with the SEC indicating that it intends to list shares of the Grayscale Bitcoin Trust on the NYSE Arca as part of the company’s ongoing push to transition the trust into a spot Bitcoin ETF.

JPMorgan recently said that the SEC is likely to approve a spot ETF within the next few months as the final deadline for Ark 21Shares applications approaches. 

New reports also indicate that Hong Kong has reversed its stance on a potential spot ETF for crypto.

See Also: Israeli Security Firm Blockaid Raises Funds To Offset Crypto Industry Challenges

Why 31K Is Significant: The 31,000 level is important for Bitcoin, the world’s largest cryptocurrency, as it has acted as resistance over the last few months. 

According to a Cointelegraph report citing popular crypto trader and analyst Rekt Capital, the bull market support band has held as support and Bitcoin has continued to have weekly closes beyond lower highs. 

A breach of the $31,000 level was all that Bitcoin needed to invalidate the bearish fractal indicator that was playing out, per the crypto trader and analyst. 

As pointed out by Benzinga last week, Bitcoin bulls and bears have been in equal control, but Bitcoin has held its uptrend. A continued push higher could help the 50-day SMA cross above the 200-day SMA, which would create a bullish golden cross on the chart. 

Now Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: ‘This Is The Beginning’

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$BTC Price Action: Bitcoin was up 4.54% over a 24-hour period at $31,266 at the time of publication, according to Benzinga Pro.

Photo: 15958319 from Pixabay.