Bitcoin Continues Impressive Rally, Approaches 18-Month High of $38,000
Bitcoin’s remarkable rally continues, marking its fourth consecutive week of gains and approaching an 18-month high of $38,000. The latest data shows a 0.53% increase in the last 24 hours, with BTC now at $37,019.
The surge, a robust 40% climb in four weeks, is driven by mounting expectations of approval for a Bitcoin spot ETF. On Thursday, Bitcoin reached its highest valuation since May 2022, almost hitting $38,000, though still halfway to the 2021 peak of over $69,000.
Traders are eyeing the $40,000 mark and beyond, with renowned trader Peter Brandt setting a bullish target of $43,289 contingent on a specific technical pattern validation for Bitcoin.
Beyond the price surge, data from IntoTheBlock indicates strong demand for the Bitcoin network. Bitcoin transaction fees surged by 243% week over week, coinciding with an 80% spike in transactions exceeding $100,000, and $230 million in Bitcoin deposited into exchanges over the last week.
Perpetual swap funding rates for both Bitcoin and Ethereum hit yearly highs, a potential indicator of market overextension. While this doesn’t necessarily predict an imminent downturn, caution is advised based on historical patterns.
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