Bitcoin (BTC) Rides ETF Hype Past $39K, Eyes $40K Next

Anticipation for Bitcoin ETF approvals has reached unprecedented levels as BTC flies past $39K.

Girl on the phone cannot believe how far bitcoin has come.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin rallied past $39,000 for the first time since 2022. 
  • The premiere token is inching towards $40,000. 
  • The current BTC rally could set the tone for the broader digital asset market. 

Bitcoin, after a deceptive correction and consolidation phase, is moving with renewed momentum, looking to register a new yearly high. With the stage set for a spot ETF approval, the reigning crypto king appears to gather more steam as we approach January 2024. 

There’s no denying that all eyes are on BTC, with investors and experts analyzing every candle and contemplating its potential trajectory. Given its outstanding performance and the strength it has showcased in recent weeks, a sense of euphoria is sweeping through the market. 

Bitcoin Moves Towards $40K

Anticipation for Bitcoin spot ETF approvals is at an all-time high as we head into the new year, and this is evident in the asset’s recent rally. After struggling to break past the $38,000 level over the past few weeks, Bitcoin has not only conquered $38,000 but has also surged past $39,000.


Registering a 2% pump in the last 24 hours, BTC currently sits comfortably at $39,600 and is inching towards the $40,000 price. This marks the first time Bitcoin has breached these levels since April 2022. 

While this news spells excitement for Bitcoin enthusiasts, it’s a less joyous development for the bears banking on the token’s demise. According to CoinGlass, over $31 million in short positions were liquidated in BTC-tracked futures.

In tandem with Bitcoin’s remarkable performance, altcoins have also made significant moves alongside the crypto king, with at least 3% gains. Ethereum saw a 4% increase, while Solana experienced an impressive 7% surge.


Considering Bitcoin’s favorable conditions, including hosting the largest crypto inflows in the last two years, achieving the highest percentage of profitable BTC holders, and witnessing unprecedented highs among long-term holders, among other factors, it’s very likely that the token could break $40,000 as well in the following weeks. 

On the Flipside

  • Bitcoin has gained 16% over the last 30 days. 
  • The potential for further liquidations remains high, with over $500 million at stake if BTC’s price dips below $37,900. 

Why This Matters

Bitcoin’s current rally could set the tone for the broader digital asset market, potentially signaling the onset of a bull run. Its current surge to yearly highs and robustness could serve as a compelling influence, encouraging other cryptocurrencies to follow suit.

Read the last BTC Regular:
DailyCoin Regular: Is Santa Coming with Gifts this Holiday?

Read why Cardano’s Hoskinson is disappointed with Bitcoin maximalists:
Cardano’s Charles Hoskinson Contests Bitcoin Maxi Narratives 

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.

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.