The best week for bitcoin since June. Bitcoin spot ETF getting closer?

This week, or at least until Friday morning, bitcoin can be considered very successful. The price of the cryptocurrency increased by almost 14% (at the peak of the week it was an increase of almost 18%), and the quotations remain above the level of USD 34000. This is the best week for bitcoin since June, when the rate moved from USD 26500 to above USD 31000.

IBTC symbol on the DTCC list – Bitcoin spot ETF getting closer?

This week on the DTCC list (a company dealing with the settlement of transactions on Wall Street) a symbol of the future appeared ETF on bitcoin, or IBTC. It is supposed to be a fund from the company BlackRock, the largest asset management fund in the world. This event showed that basically everything necessary for the operation of such a fund has already been implemented. The only thing missing is a decision SEC and its formal approval. However, there is probably no breakthrough at this point and we will have to wait for the final decision of the American commission.

Bitcoin's dominance is increasing

With such a strong increase in the price of bitcoin, its dominance over the entire cryptocurrency market has also increased. The share of bitcoin capitalization increased to 54% from less than 49% in August. However, at the beginning of the year, BTC dominance was only 41%. At the moment, as you can see, there seems to be only one king of cryptocurrencies.

Potentially important resistances for bitcoin

From the point of view of the chart, the potential resistance for the current increase may be in the area of ​​USD 37000 - 40000. This is an area of ​​consolidation of bitcoin prices before the sharp decline that we observed in the spring of 2022.

Ethereum is trying to follow Bitcoin

ETH/USD rate as of Friday morning, it's up almost 8% this week. This is the best result since the end of September, when prices increased by almost 10% in one week. From a chart perspective, since April 2023, the ETH/USD rate has been in a descending channel that may resemble a flag formation. Currently, the market seems to be approaching its upper limit around USD 1900. It seems that only crossing this barrier could help ETH attack this year's peak.