Bitcoin reaches $35,000 for the first time since May 2022; what comes next?

However, Bitcoin retraced to $34,000 following the removal and subsequent resurfacing of the BlackRock Bitcoin ETF from the DTCC’s website.
After roughly a year and a half, Bitcoin reached $35,000 on Tuesday. Expectations of approval by the US Securities and Exchange Commission (US SEC), the country’s stock market authorities, to directly invest in cryptocurrencies drove the largest digital token to increase 20% in a week, reaching its highest levels since May 2022.
The crypto market is attempting to regain ground following a prolonged crypto winter that began in late 2021 as a result of a series of crypto project failures and a liquidity bottleneck in the global economy. However, the last week offered some good news for new-age asset class fans.
Traders expected the Securities and Exchange Commission to approve exchange-traded funds (ETFs) in the coming months. The potential of a spot Bitcoin ETF is expected to drive larger cryptocurrency flows, as it would allow a broader set of investors to buy exposure without physically trading it.
However, Bitcoin retraced to $34,000 following the removal and subsequent resurfacing of the BlackRock Bitcoin ETF from the DTCC’s website. IBTC ETF ticker from the website of the Depository Trust & Clearing Corporation (DTCC).
Bitcoin has surpassed the $35,000 milestone in the last 24 hours, owing mostly to the ticker of BlackRock’s Bitcoin ETF (IBTC) being listed on the DTCC, implying SEC approval. This development pushed Bitcoin to a new yearly high due to strong market demand.
BlackRock was a major driver of this increase. Rising inflation, as well as Grayscale’s application to convert its GBTC to a spot ETF being evaluated by the SEC, may have spurred bullishness.”
The bullish sentiment in the crypto market pushed the other crypto tokens higher, with Ethereum gaining approximately 15% to reach $1,800, and Solana gaining 30% in a week. Other altcoins such as Chainlink, Mina, and Injective have increased by 50-90 percent in a week. The general excitement in the digital token field has driven the crypto market capitalization close to $1.3 trillion.
The rally has been fueled by a positive development regarding its US spot ETF approval – BlackRock’s iShares Bitcoin trust was submitted and listed into the depository trust clearing corporation with the official ticker code $IBTC, bringing the ETF one step closer to reality.
The Depository Trust & Clearing Corporation’s (DTCC) website briefly removed BlackRock’s (BLK) spot Bitcoin ETF ticker, IBTC. The ticker was relisted after a few hours, although it generated speculation about the Bitcoin ETF approvals.
Bitcoin has entered a bullish midterm zone following a breakout of the $31,500 barrier. As long as the price remains above this level, bullish sentiment is projected to outnumber bearish forces. As a result, there is a possibility of further upward movement, potentially reaching the area of $36,000 to $38,000.
Bitcoin is currently stabilising after trading above its 50-day and 200-day exponential moving averages.
It is worth noting that Bitcoin’s share of the crypto market cap has risen to 54%, a level not seen since April 2021. As the whole crypto market value has yet to reach a new high this year, this suggests that there is a strong rotation of capital to the number one crypto asset.
Bitcoin has retreated to about $34,000 today, as predicted after such a strong surge. As long as it holds $33,000, the likelihood of withdrawing $35,000 again in the near term remains strong.