Signs of resurging bitcoin optimism have emerged this week, with the top cryptocurrency eyeing a run toward the $40,000 level. Driving the renewed bullish momentum are several key factors, including over $1 billion worth of BTC withdrawn from exchanges in the past week and building anticipation of a U.S. spot bitcoin ETF approval within months.
Keypoints
- Over $1 billion worth of bitcoin was withdrawn from exchanges in the past week, suggesting a bullish investor mood
- Bitcoin price eyes $40K again after trading above $38,800, leading to gains in the broader crypto market
- Expected interest rate cuts by central banks in 2023 could attract more capital to crypto markets
- Anticipation is building for potential SEC approval of a spot bitcoin ETF in early 2024
- Technicals show bitcoin breaking out above key resistance levels on lower timeframe charts
On the technical front, bitcoin staged a breakout above $38,000 resistance…
