Bitcoin (BTC) Price Retests $31k Amid Positive ETF Sentiment

The bullish rally Bitcoin (BTC) price has picked up this week is far from over as the premier digital currency has briefly retested the $31,000 price mark following positive sentiments as it concerns the newly approved leveraged Bitcoin Exchange Traded Fund (ETF) product in the US.

Bitcoin Price and the Key Triggers

At the time of writing, Bitcoin is changing hands at a price of $31,065.02, after soaring by 3.48% in the past 24 hours. This price point is the best the cryptocurrency has recorded since the start of this year. The gains accrued thus far have seen Bitcoin grow by an additional 20% in the Week-to-Date (WTD) period.

One crucial sentiment driving the growth of the cryptocurrency at this time is hinged on the newly approved leveraged Bitcoin ETF product by the United States Securities and Exchange Commission (SEC). The Bitcoin ETF product was filed by Volatility Shares Trust and the timing of the approval has stirred the positivity that the industry might be closer to securing approval for a spot BTC ETF in no time. 

This Bitcoin ETF product comes off as the second unique ETF the SEC is approved for when its approval of Futures Bitcoin ETF from ProShares pioneered a wave of such approvals more than a year ago. With the likes of BlackRock and WisdomTree now placing their bets on securing approval for the crypto product, the positive sentiment surrounding the Bitcoin token is now soaring and reflecting in its price.

Bitcoin Price Prediction

With Bitcoin price touching its highest level for the year, the general expectation is that the price rally has finally come to stay. A lot of the key performance indicators of the cryptocurrency show that its trading volume is still down by 12%, and pricing in the likely buyup from both retail and institutional investors can help fuel the ongoing rally.

The BTC/USD 4H chart above shows the MACD line (Blue) cross below the signal line (Orange), an indication of a bullish growth in the short term. As confirmed earlier by market analyst Rekt Capital, BTC has broken out of a Bull Flag and retouching the $35,000 price level proves feasible in the short to medium term.