As of the writing time, BTC has yet again crossed $31,000 and gains in altcoins have surpassed double-digits. After the optimism over ETF approval and the announcements given by the BlackRock CEO this weekend, BTC is now in a recovery. So, what’s next?
Why is Bitcoin (BTC) Rising?
The rising demand for futures trading as well as the expectation of ETF approval are the main factors behind the price rise. However it appears that the SEC is apparently giving its final verdict on this Ripple case could mean that it isn’t going to demand ETF approval for any longer. Another reason may be those fake rallying events that’ve been taking place for a number of months. This is the reason for the growth of the short-selling positions of the futures market and the people who took on short positions were able to act as a type of fuel as prices rose.
So, what happens following? We know that the key resistance threshold to Bitcoin has been set $31,300. If the price is able to surpass the mark, we might see the testing of the three-year and the $36,000 region. The number of open futures trades has increased to $10 billion after a long hiatus, and the increase in demand suggests that this time the surge might be real.
Altcoins have begun to see a double-digit rise. It might be beneficial to investors to shift their stop levels higher in order to continue to follow the trend upwards.