Bitcoin’s price has surged to $31,000 due to a few BTC spot ETF applications and Fed Chair Jerome Powell’s views on stablecoins. BlackRock’s application for a spot Bitcoin ETF has encouraged other financial firms to follow suit, boosting investor sentiment. However, analytics firm Glassnode has warned investors that their patience could be tested for another eight to 18 months before the market hits a new all-time high.
Key points:
– BlackRock’s application for a spot Bitcoin ETF has encouraged other financial firms to follow suit, boosting investor sentiment.
– Analytics firm Glassnode has warned investors that their patience could be tested for another eight to 18 months before the market hits a new all-time high.
– Bitcoin broke and closed above the 20-day exponential moving average (EMA) of $26,934 on June 17.
