Ahmet Bedirhan Arvas 
After the news of BlackRock’s Bitcoin ETF being listed on DTCC, which handles clearing and settlement for Nasdaq, in the evening hours, Bitcoin reached the level of $35,000.
Crypto markets experienced quite volatile moments in the last few minutes. The leading cryptocurrency Bitcoin, which recently rose to the level of $30,000, saw a sudden surge in the past few hours, reaching $35,000. This marks the highest level the largest cryptocurrency has reached in over a year.
Why Did Bitcoin Rise to $35,000?
The rise in BTC is attributed to two factors. When we analyze the market both technically and fundamentally, two factors emerge. The first one is the technical aspect. Also the $31,500 level was a very strong resistance level for Bitcoin. The strong breakthrough at this resistance level caused the BTC price to soar to the nearest gap point, which is the next potential reaction point. Unable to withstand at the $35,000 level, BTC quickly retreated to $33,000, filling the gap.
The BlackRock Bitcoin ETF News Stirred the Market!
The fundamental factor behind the sudden surge was the listing of BlackRock’s spot Bitcoin ETF on DTCC, which handles clearing and settlement for Nasdaq. With this news, the likelihood of spot Bitcoin ETF applications being approved by the SEC increased significantly. Bloomberg ETF analyst Balchunas commented on the matter, saying “It’s not difficult to interpret this development as a signal that approval is either definite or imminent.”
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