Bitcoin continues the upward trend that started just under 2 weeks ago. Over this period, the largest cryptocurrency has gained over 16%. The rise was initiated by growing speculations around the acceptance of ETF applications by the SEC. At the moment, there are numerous statements suggesting that the chances of acceptance by the first quarter of 2024 are close to 100%. Another issue is the trial of the former CEO of the defunct FTX exchange. Sam Bankman Fried (SBF) is in the midst of a multi-week court trial that began in October. The market was concerned that new information might emerge that could potentially harm the broader cryptocurrency market or the largest stablecoin in the market, Tether. However, according to today's reports, the trial is set to conclude on October 26, 2023, and so far, none of the worst-case scenarios have materialized.
Bitcoin is approaching the upper limit of its recent consolidation channel. The 31k USD level has been noted multiple times, followed by declines. For several days, the bulls have been in absolute control, and it will soon be evident whether the current momentum is sufficient to break through this significant level.
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