Bitcoin (BTC) Breaches $40,000 Price Level Over Weekend

Bitcoin closes the weekend on a high note, surging past levels last seen in April 2022.

Bitcoin Millionaire enjoying his luxury life.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin is showing no signs of slowing down.
  • Having successfully breached $39,000, Bitcoin continues to move with confidence. 
  • With 40 days left to a potential spot ETF approval, market participants are brimmed with joy. 

Anticipation for Bitcoin spot ETF approvals is currently at unprecedented levels. Following a brief correction, the reigning crypto king has been steadily ascending, conquering various price levels as it moves toward a new yearly high.

Having successfully breached $39,000 on Saturday, Bitcoin sustained its momentum, confidently closing the weekend on a high note. As we gear up for the new business week, experts are buzzing with excitement.

BTC Taps $40K: What’s Next?

Bitcoin is having an exceptional quarter, currently sitting on an impressive 50% gain this quarter. On Saturday, Bitcoin successfully streamed past the $39,000 mark, charting a course beyond. It wasn’t long until it had surged past $40,000, marking the first time since April 2022, right before the market crashed. 

Bitcoin’s recent performance aligns with the prevailing optimism and excitement surrounding the anticipated approval of a Bitcoin Spot ETF in the US. Several institutional giants, including Blackrock, Fidelity, and Grayscale, have filed applications, with experts suggesting a 90% chance of approval in early January.

Interestingly, Bitcoin wasn’t the only token to rise over the weekend. Ethereum, too, has surpassed $2,200 for the first time since May 2022.

As we count down the 40 days to a potential approval, influential figures in the crypto space are rallying for BTC to hit $45,000 soon. Given the market’s bullish structure, Bitcoin’s resilience, and the euphoria sweeping through, the token could maintain its momentum and continue its rally.

On the Flipside

  • MicroStrategy’s Michael Saylor is enjoying $1.5 billion in profits from his BTC investments.
  • The weekend rally resulted in liquidations exceeding $107 million.

Why This Matters

Bitcoin’s remarkable performance signals the onset of a potential bull market. The premier crypto is moving much akin to the 2021 bull run, as indicated by on-chain data. Such rallies hint at potentially exciting times and a promising trajectory for the crypto space. 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.