{"id":3626,"date":"2023-10-20T10:34:12","date_gmt":"2023-10-20T10:34:12","guid":{"rendered":"https:\/\/infundpros.com\/markets\/bitcoin-prices-rally-again-with-30000-in-sight-why-traders-see-a-pullback\/"},"modified":"2023-10-20T10:34:12","modified_gmt":"2023-10-20T10:34:12","slug":"bitcoin-prices-rally-again-with-30000-in-sight-why-traders-see-a-pullback","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3626","title":{"rendered":"Bitcoin Prices Rally Again With $30,000 in Sight. Why Traders See a Pullback."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies advanced on Friday, continuing the momentum from a rally that began a week ago\u2014but traders may be positioning for a pullback as optimism behind a recent catalyst remains somewhat shaky.<\/p>\n

The price of Bitcoin rose 4% over the last 24 hours to near $29,500, trading at the highest consistent levels since early August. The largest digital asset has marched higher since last Friday amid hopes that long-awaited spot Bitcoin exchange-traded funds (ETFs) will soon be approved, a key catalyst that has loomed for months. Nevertheless, there are signs that traders are positioning for a downside move.<\/p>\n

\n

\u201cI think a lot of investors are expecting a pullback for Bitcoin and other digital assets because of the issue of rising yields and mounting geopolitical uncertainty,\u201d said Conor Ryder, head of research and data at blockchain group Ethena Labs. \u201cThey\u2019re also underallocated to this market even though an approval for a spot Bitcoin ETF seems to be a matter of when, not if.\u201d<\/p>\n

Crypto bulls hope that the Securities and Exchange Commission (SEC) will soon allow the
\n Grayscale Bitcoin Trust
\n to convert to an ETF or approve spot Bitcoin ETFs from BlackRock and other traditional financial firms. The prospect of a spot Bitcoin ETF\u2014which would hold Bitcoin itself, not just futures tracking the token, as some ETFs hold now\u2014has loomed for months as a catalyst that could usher in a fresh wave of retail and institutional investor interest in cryptos.<\/p>\n

While ETF hopes helped Bitcoin beat stocks this week\u2014with the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n coming under pressure amid Middle East conflict and a shifting outlook for interest rates\u2014worries that have hit equities could still take hold. Indeed, ETF optimism has driven Bitcoin sharply higher, but it could still be months before a spot Bitcoin ETF actually begins trading\u2014with a lot of opportunity for crypto gloom between now and then. Volatility can also be expected, with Bitcoin even spiking above $30,000 briefly on Monday following a false report that an ETF had been approved.<\/p>\n

\u201cThere are still risks ahead when it comes to an approval of the spot BTC ETF,\u201d said Ryder. \u201cThe SEC could easily continue delaying approval because of that false report that briefly sent Bittcoin soaring, arguing that crypto markets are easily manipulated.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014rose 2.5% to $1,590. Smaller tokens or altcoins also gained, with
\n Cardano
\n and
\n Polygon
\n each up 3%. Memecoins were also buoyant, with
\n Dogecoin
\n jumping 3% and
\n Shiba Inu
\n advancing 3%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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