Bitcoin (BTC) has been gathering some momentum in the crypto sphere lately, crossing the $60,000 mark against multiple analysts’ signals. The world’s leading cryptocurrency has been on a wild ride, with its price fluctuations going haywire during the past few weeks. Related Reading: Tron Rises 24% Amid New Developments – Will The Uptrend Continue? Bullish Factors Driving Bitcoin Price One major driver behind the recent price surge in Bitcoin is the understanding that a spot Bitcoin ETF is likely to be approved by the SEC. With immense anticipation of such a decision from the SEC, which is likely to finally open the door for increased institutional investments in the cryptocurrency, many investors are risking an entrance at the current levels. Another factor that has been driving Bitcoin’s price has been the reduction in new BTC supply following the halving event in the second half of 2024. Generally, prices for Bitcoin have soared after halving by multiples, since the reduced supply directly correlates with higher demand and price. #bitcoin 200wma over $38k pic.twitter.com/olAw6BOjgz — Adam Back (@ada ..
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