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Bitcoin Breaks $27K Amidst Market Rally; Ether Surges on ETF Optimism

Bitcoin demand from institutional investors continues to rise despite the US SEC delaying the approval of spot ETF products and the UK Chase Bank customers rushing to settle crypto-related payments to avoid being locked out.

Bitcoin Breaks $27K Amidst Market Rally; Ether Surges on ETF Optimism

  • The optimism for a bullish October in Bitcoin and the altcoin market has helped Bitcoin price edge 2.3 percent higher in the past 24 hours to trade around $27k during the early London session on Friday.
  • The tension between the US House Republicans that was displayed during a closed-door meeting on Thursday significantly increased the risk of a US government shutdown less than two days before the deadline.

Despite the weekly and daily death crosses between the 50 and 200 Moving Averages (MA) amid September bearish pressure, Bitcoin (BTC) price edged 2.3 percent higher in the past 24 hours to trade slightly above the $27K level.

With September coming to an end over the weekend, the crypto community will be ushering in a historically bullish month, October, popularly referred to as ‘Uptober’. Bitcoin’s rise in the past 24 hours also pulled with it some altcoins led by Ethereum (ETH), Cardano (ADA), Solana (SOL), and Pepe (PEPE).

What Fueled the Recent Bitcoin Pump Amid Bearish Sentiments? 

Less than seven months to the fourth Bitcoin halving, which is expected to take place around April 25 and investors continue to stash as many coins as possible. Institutional investors led by MicroStrategy have accelerated their accumulation rate in anticipation of an imminent spot Bitcoin ETF approval.

Furthermore, the United States SEC has received more than 10 applications for a spot Bitcoin ETF, let alone the futures ETF that does not invest directly into Bitcoin.

Meanwhile, fund manager Valkyrie announced that it received a green light to convert its existing Bitcoin futures ETF to a two-for-one investment vehicle including the Ethereum futures. As a result, the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) included the exposure to the Ether futures contract earlier today.

In another similar report, fund manager VanEck announced the upcoming launch of its Ethereum futures ETF on the Chicago Mercantile Exchange managed by its head of active trading, Greg Krenzer on Thursday. Notably, the Ethereum futures contract does not constitute a direct investment of the Ether digital assets, thus minimal impact on the spot price.

Elsewhere, the United States Congress continued to be divided on how to proceed with government funding, thus increasing the risk of a temporary shutdown. Notably, the Congress has been slammed for its continued funding for the Ukraine war with Russia, while its border illegal entry is at ATH.

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Among other issues, the House Republicans want the Biden administration to cease CBDC venture, eliminate Bitcoin mining taxes, and lessen the fight against crypto firms. The economic uncertainties in the United States come when a UK bank, Chase, has notified its customers that it will decline crypto-related payments.

Market Outlook and Price Action

Bitcoin price is expected to continue rising in the coming weeks and possibly retest this year’s high of around $32k. Moreover, yesterday’s close invalidated a two-and-a-half-month falling trend and the bulls are now seeking a retest before continuing.

#Bitcoin just broke above the 79-day downtrend! pic.twitter.com/uIKrd0Sc08

— Crypto Rover (@rovercrc) September 29, 2023

According to the latest crypto market data, Bitcoin had a 24-hour trading volume of about $15.7 billion, with about 59k transactions recorded on-chain.

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