Bitcoin Strengthens, Approaching Highest Levels This Year

Bitcoin, the world's largest crypto asset by market cap. (Photo; Doc. Unsplash)

JAKARTA - Bitcoin recorded a significant increase, approaching its highest level this year, as impressive positive trends continued. On October 23, the price of Bitcoin hit its highest level in the last three months during this week's first trading session.

The price of Bitcoin has surpassed $31,000, recorded double-digit growth in a month, and shown optimism among investors. Important indicators also show that this cryptocurrency has the potential to continue its rise in the coming days.

One of the factors driving Bitcoin dominance is the increase in Bitcoin Dominance (BTC.D), which has been sustainable for eight consecutive weeks since August 21.

This is a historical indication that when Bitcoin recorded a significant increase and reached its highest level, investors are usually looking for opportunities in altcoins. However, the situation this time is different, possibly due to global economic uncertainty and ongoing events in the Middle East.

Although the price of Bitcoin has increased, many market participants remain cautious and assess the importance of closing the weekly candlestick to confirm the continuation of this positive trend.

Amid this turmoil, the crypto community is delighted by rumors of a possible first approval of Bitcoin exchange-traded funds (ETF) by the US SEC.

The SEC is considering various applications, including from leading companies such as Grayscale, BlackRock, Fidelity, Invesco, and Ark Invest. This change in SEC's stance creates speculation that the market may move forward before the approval of the Bitcoin spot ETF.