Bitcoin (BTC) price reclaimed $37,000 on Monday as the crypto market started the week strongly and with investors regaining confidence in the market. On-chain analysis identifies the key reasons that could propel BTC prices higher this week.

Bitcoin was up 1.77% and was halfway to the vaunted $38,000 level at the time of writing, with its trading volume soaring 21% to a little over $14 billion. The recent gains in the crypto’s price have also helped it to erase some of its recent losses, as evidenced by a surge of around 0.55% in its price over the last seven days.

Anticipation Of Bitcoin ETF Nod

This increase is a reflection of the mar#BTC #Blur #Blur ket’s rising hope for the US government to approve a spot Bitcoin exchange-traded fund. But the SEC is still on the fence, putting off judgments on many Bitcoin ETF proposals until 2024.

Bitcoin (BTC) continues to generate significant discussion on social media, despite the SEC failing to meet the designated eight-day timeframe for approving spot Bitcoin ETFs.