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Why is Bitcoin price up today?[2023-10-24]

Why is Bitcoin price up today?[2023-10-24]

Bitcoin Surpasses $35,000, Achieving Its Highest Value in 16 Months; Options Positioning Suggests Potential for Further Gains

On Monday, Bitcoin (BTC) made a significant leap, surpassing the $35,000 mark, marking its highest price point since May 2022. This surge is part of the ongoing October bull run in cryptocurrency markets, driven by growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in the United States.

Bitcoin surges to year-to-date high (Getty Images)

Within the last 24 hours, Bitcoin experienced an impressive increase of over 11%, reaching $33,316. While it pulled back slightly from its peak, the overall gain remained substantial.

Recent days have witnessed a surge in optimism regarding the possibility of Bitcoin ETFs in the U.S., buoyed by a favorable court ruling in favor of Grayscale. This ruling has increased the likelihood that Grayscale’s prominent Bitcoin trust product, GBTC, may be transformed into an ETF. Additionally, BlackRock’s application to list a Bitcoin ETF took a step forward when its proposed product received an assigned unique ID number on the Depository Trust & Clearing Corp. website. Although this does not signify ETF approval, some interpreted it as a sign of the company’s confidence in winning approval.

Other major digital assets such as Chainlink’s (LINK), Polkadot’s native token (DOT), and Polygon’s (MATIC) have also performed admirably, with gains ranging from 6% to 10%. Ether (ETH) and Ripple-related token (XRP) experienced more modest gains of 2% to 3%.

In the U.S. stock market, early Monday losses were erased, resulting in a mixed finish. This change was accompanied by a sharp decline in the 10-year Treasury yield after reaching 5% for the first time in 16 years earlier in the session.

What Lies Ahead for Bitcoin’s Price?

The CoinDesk Bitcoin Trend Indicator BTI, which assesses the directional momentum and strength of Bitcoin’s price movement, has switched to a “significant uptrend.” This shift occurred as Bitcoin solidified its position above the $30,000 level, as noted by Todd Groth, the head of research at CoinDesk Indices. He stated, “BTC, ETH, and the CoinDesk Market Index (CMI) all moved up week-over-week, decoupling from tech stocks ($QQQ) and rising long-dated yields.”

(AmberData, Galaxy)

Alex Thorn, the research head at digital asset investment firm Galaxy, suggested that the uptrend could accelerate further due to options dealers’ need to buy Bitcoin in the spot market to hedge their positions above the $30,000 price threshold. Thorn explained that, “At its peak around $32,500, almost $20 million of BTC will need to be purchased by options dealers for every 1% increase to maintain delta neutrality. The positioning implies that market makers need to buy back increasing amounts of delta as the spot price rises, which should contribute to the potential for short-term price volatility.”

Nevertheless, ByteTree analysts offered a more pessimistic outlook, noting a decline in transaction numbers on the Bitcoin blockchain, which decreased by 50% in a month. Additionally, the economic throughput of the Bitcoin network displayed a downtrend. ByteTree’s Shehriyar Ali and Seran Dalvi pointed out that this suggests the price is being driven primarily by the anticipation of positive news, which may not be the healthiest sign for the short term.

Galaxy’s Thorn added that the $26,750-$28,250 range would serve as a support zone for Bitcoin’s price. If the spot price moves lower into this range, dealers would also need to purchase Bitcoin to maintain delta neutrality, potentially providing additional support for the spot price if it descends into that range.

Bitcoin tops $35,000 to start the week as hopes grow over ETF

Bitcoin’s price surged at the beginning of the week, extending its gains from the previous week, driven by optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) and a shift towards safe-haven assets.

According to Coin Metrics, Bitcoin was trading approximately 5% higher, reaching $31,384.51. This marks its strongest performance since June. Although Bitcoin has touched the $30,000 mark multiple times in 2023, it has struggled to maintain that level or make significant upward movements, primarily due to the regulatory crackdown on cryptocurrencies in the United States, which has had a dampening effect on liquidity and trading volumes.

Investors are eagerly anticipating the approval of a Bitcoin ETF, which is expected to bring about a change in this situation. This approval is anticipated to occur between the end of the year and the first half of 2024. Notably, several firms have recently made adjustments to their filings to address earlier concerns raised by the U.S. Securities and Exchange Commission. Investors view these amendments as a positive signal, indicating that the agency is engaging constructively with the companies.

Why is Bitcoin (BTC) Price Up Today? - CoinChapter…

Why is Bitcoin price up today?

Factors Behind Today’s Bitcoin Price Surge


The world of cryptocurrencies, particularly Bitcoin, is known for its rapid and often unpredictable price fluctuations. As we witness another surge in Bitcoin’s price today, it’s crucial to understand the multiple factors driving this phenomenon. In this analysis, we will delve into the reasons why Bitcoin’s price is up today and explore the implications of this surge for the cryptocurrency market and beyond.

Regulatory Developments

One of the key drivers behind today’s surge in Bitcoin’s price is regulatory developments. Regulatory clarity is essential for the long-term success and adoption of cryptocurrencies. In recent times, we have seen governments and financial regulators worldwide become more involved in the cryptocurrency space. The U.S., in particular, has been a focal point for regulation.

Recently, there have been promising signs of a positive shift in the regulatory environment. Speculation is growing around the approval of a Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). An ETF would make it significantly easier for institutional investors to gain exposure to Bitcoin, potentially leading to substantial investments. As such, the anticipation of a more favorable regulatory landscape is boosting investor confidence and contributing to Bitcoin’s price increase.

Institutional Adoption

Institutional adoption of Bitcoin continues to play a pivotal role in its price dynamics. Major corporations and financial institutions are increasingly recognizing Bitcoin as a store of value and an asset class worth investing in. Companies like Tesla, Square, and MicroStrategy have already allocated substantial portions of their treasuries to Bitcoin.

The recent amendment of filings by several firms to address the SEC’s concerns is another positive sign. This shows that these institutions are actively working to comply with regulations and engage constructively with regulatory bodies. Such developments are viewed favorably by investors and can contribute to a surge in Bitcoin’s price.

Safe-Haven Asset Status

Bitcoin’s reputation as “digital gold” has been solidified in recent years. When traditional markets face uncertainty or economic instability, Bitcoin often benefits from a flight to safety. In today’s volatile world, characterized by inflation concerns, geopolitical tensions, and the ongoing impact of the global pandemic, investors are turning to assets like Bitcoin to protect their wealth.

Bitcoin is increasingly seen as a hedge against inflation, similar to gold. As central banks worldwide continue to print money to stimulate their economies, Bitcoin’s limited supply of 21 million coins becomes an attractive alternative. This perception as a safe-haven asset contributes to its price surge when traditional financial markets face challenges.

Technical Factors

Technical factors also have a significant impact on Bitcoin’s price. These include trading volumes, market sentiment, and the overall health of the cryptocurrency market. A surge in trading volumes indicates heightened interest and increased buying pressure. Market sentiment, influenced by news, events, and social media trends, can rapidly sway Bitcoin’s price.

Moreover, Bitcoin’s chart patterns, moving averages, and other technical indicators play a crucial role in price movements. Traders often base their decisions on these factors, which can lead to sudden price fluctuations. These technical elements, combined with macroeconomic factors, contribute to the ongoing volatility and price increases in the cryptocurrency market.

Network Fundamentals

The fundamentals of the Bitcoin network also impact its price. Transaction volumes, mining activity, and network security are essential metrics to consider. Bitcoin’s network is known for its security and resilience, making it a robust and reliable blockchain.

Recent developments, such as the Taproot upgrade, which improves privacy and smart contract capabilities, have strengthened Bitcoin’s network fundamentals. Additionally, the Lightning Network, designed to enhance scalability and reduce transaction costs, is gradually gaining traction. These advancements instill confidence in the long-term viability of Bitcoin, attracting more investors and contributing to its price surge.

Market Psychology

Psychology plays a significant role in Bitcoin’s price movements. Fear and greed often drive market sentiment. When Bitcoin experiences a sudden price surge, it creates a FOMO (Fear Of Missing Out) effect, prompting more investors to join the market. This influx of new capital further fuels the price increase.

However, it’s essential to remember that market psychology can be fickle. Rapid price swings, both up and down, can lead to panic selling, creating a cascading effect. This unpredictability underscores the importance of conducting thorough research and adopting a long-term investment perspective in the cryptocurrency market.


The surge in Bitcoin’s price today is a culmination of various factors, ranging from regulatory developments and institutional adoption to its status as a safe-haven asset. The cryptocurrency market remains dynamic, with technical and psychological elements at play. As Bitcoin continues to evolve, understanding these factors is essential for both seasoned investors and those new to the world of cryptocurrencies. While today’s surge is noteworthy, it’s just another chapter in the ongoing journey of Bitcoin and the broader crypto market. Investors should remain vigilant and informed to navigate this exciting and ever-changing landscape.

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