Bitcoin Weekly Price Analysis – BTC Exploded $35k Amid Growing ETF Excitement

The last seven days have been kind to Bitcoin’s value as BTC has been moving in a bullish manner. Starting from 17th October 2023, BTC’s value started moving upward and crossed the figure of $30 after a long time. On Monday, Bitcoin (BTC) exploded $35k and regained its legacy which started lingering in 2021-22.

The Reason behind BTC’s Bullish Manner

After the long opposing war between Grayscale and SEC, Grayscale got the victory and the drive for the Bitcoin ETFs is growing rapidly. Bloomberg Intelligence and JPMorgan are certain that Bitcoin ETFs are to be completely approved by the end of 1st month of 2024. Gary Gensler confirmed that the SEC (Securities and Exchange Commission) is evaluating 8 to 10 different Bitcoin ETF proposals and has contacted the firms in this regard.

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Mike Novogratz and Cathie Woods, who proposed Bitcoin ETFs, noticed better communication with regulators after the Grayscale case. This suggests multiple ETF approvals or rejections might be coming. One ETF appearing on a stock market-linked corporation is seen as a crucial step toward government approval.

Statistical Analysis of Bitcoin (BTC)

Currently, Bitcoin (BTC) is trading at $34,058 with a 24-hour trading volume of $46,648,536,935. During the last seven days, BTC has shown significant growth and surpassed the figure of $30K. Bitcoin was lingering below $30k for the last two years but now it seems to be getting momentum.  

On the 21st of October, Bitcoin (BTC) gained a price value of $30,119.91 with a growth of 17.34% and today went higher at $34,942.56. BTC has shown growth of 20.93% in the last few days and trading at 212.04% on 24-hour trading volume. If BTC maintains the bullish manner it is more likely for BTC to cross $40k in the coming couple of days.