Bitcoin Ended The Week With 15% Gain: Price Analysis

Bitcoin ended the week with 15% gain and the market capitalization surpassed $1 trillion again this time as we are reading more in our latest Bitcoin news.

Bitcoin ended the week with a 15% gain as the regulatory fears faded and the sentiment turned bullish in anticipation of BTC-futures-backed exchange-traded fund in the US by the end of the year. Over the past day, BTC stayed flat and hovered above $54,000 as of Friday afternoon with the biggest crypto by market surpassed $1 trillion again this week. We surpassed the key point of a breakdown level from May that was around $50K as Blockware Intelligence company wrote in their research report:

“In the short term, we are seeing some resistance from this last $56K-$58K area, which is not unexpected as there is a fair amount of overhead supply there from earlier this year.”

BTC briefly broke above $56,000 hitting the highest level since May before declining to around $54,000 and some analysts attributed the overall surge to the Chinese buyers that returned after the market settled after the news of the China crypto ban. Armando Aguilar the Fundstrat Global Advisors who is the vice president of digital asset strategy said:

“It appears as if the return of Chinese participants provided some fuel to the recent BTC fire, pushing prices temporarily above $56K overnight. There was a similar risk-on sentiment in Chinese equity markets, with the Shanghai Composite closing up 0.
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67% in its first day back trading post-holiday.”

CME open interest also reached a new high continuing the upward creep since the start of the week. The Finxflo’s head of Institutional Sales Jeff Reed said:

“We’re seeing a pickup in spot trading volume, but most activity is in the futures market to build exposure without putting up 100% of capital.”

The investors grew antsy for a futures-backed BTC ETF to be approved in the US and the ETF will provide an accessible way for more retail and institutional investors to get involved in crypto. Some analysts point the difference between BTC futures and spot prices as evidence in the optimism, as the global head of research at NYDIG Greg Cipolaro said:

“The basis for CME futures has increased both on an absolute level and on a relative comparison with futures that trade on offshore derivative venues. Today the basic premium for futures traded on OKEx versus CME has flipped to a discount as CME futures are now trading at a basic premium for the first time.”