Bitcoin is rallying above $70,000 at the time of writing this article. The trading community and crypto enthusiasts have primarily invested in boosting Bitcoin without relying on equities or other sectors. However, there is a slight change in that behavior, which is evident from the fact that the bullish divergence analysts see in the picture is driven by SP500 and Gold.
It is further accelerated by the accumulation of whales that have been undertaken in recent times, along with Bitcoin halving. The latter event has been the talk of the town for a long time. It is now just around the corner, with the historical context of pushing the price of BTC to a new ATH.
This is the fourth installment of Bitcoin Halving, with the previous installment dating to 2020. Needless to say, it happens once every four years to bring down the supply and slash Bitcoin mining rewards. Thereby making the token rare and pushing the price to a new height.
The segment does not solely focus on Bitcoin. Altcoins are in the race as well. The most famous ones are SOL and DOGE. ETH, slightly down after retracing back from close to $4,000, is not leaving a single stone unturned to bounce back.
Binance is simultaneously taking credit for these developments. Reportedly, it has increased the perpetual contract funding rate on the platform to add some merit to its contribution.
For reference, a single BTC is exchanging hands for $70,635.88 at the moment, up by 1% in the last 24 hours and by 5.61% in the last 7 days. The price of ether has also increased by 0.51%, currently trading at $3,584.23. That further reflects a rise of 1.12% in the last 7 days. SOL and DOGE are leading the altcoin race. Notably, both tokens are also contesting for the top spot in the category in terms of market cap.
Solana’s SOL is listed at $186.70, while Dogecoin’s DOGE is at $0.2037.
Bullish sentiments have prevailed since the US SEC approved 11 Spot Bitcoin ETF applications. Adding salt to that piece is the rise in the Bitcoin Funding Rate ratio, the highest in two weeks. However, the approval of Spot Bitcoin ETF applications has sparked excitement in the crypto sphere, creating speculation that other cryptos may soon see their ETF products in the times to come. Ether ETF is the most speculated product, followed by XRP ETF.
Analysts have previously endorsed the fact that whales are purchasing the dips in BTC. The past few weeks have seen over 100,000 BTC being accumulated for a total price of ~$7 billion.
Bitcoin longs for a jump, and it may likely happen around the time when Bitcoin Halving happens. It could take a little longer, but the push for a new ATH is certainly in the picture, subjected to uncertainty and volatility.