The bull rally that started this week at #Bitcoin ( #btc ) is far from over as it retests the $31,000 price level following positive sentiment towards the new leveraged Bitcoin Exchange Traded Fund (ETF) product approved in the US. .
Bitcoin Price and Main Triggers
At the time of writing, Bitcoin is trading at $30,812, up 2.2% in the last 24 hours. This price point is the best level the cryptocurrency has recorded since the beginning of this year. Gains to date have enabled Bitcoin to grow an extra 20% in the Start-of-the-Week (WTD) period. One main sentiment driving the cryptocurrency's growth during this period is based on the new leveraged Bitcoin ETF product approved by the United States Securities and Exchange Commission (SEC). The Bitcoin ETF product was filed by Volatility Shares Trust, and the timing of its approval raises the possibility that the industry could receive approval for a spot BTC ETF very soon.
This Bitcoin ETF product marks the second unique ETF the SEC has initiated in a series of approvals spearheaded by the Futures Bitcoin ETF approval from ProShares more than a year ago. With companies like BlackRock and WisdomTree now aiming to gain approval for this crypto product, the positive sentiment around Bitcoin is increasing and this is reflected in its price.
Bitcoin Price Prediction
With the Bitcoin price reaching its highest level of the year, the general expectation is that the price rally is finally here to stay.
The BTC/USD 4H chart shows that the MACD line (Blue) has crossed below the signal line (Orange). This indicates a bull trend in the short term. As previously confirmed by market analyst Rekt Capital, BTC broke out of a Bull Flag and may manage to reach the $35,000 price level in the short to medium term.
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