Bitcoin has surged past the $30,000 mark today, fueled by optimism for a potential approval of a spot Bitcoin Exchange Traded Fund (ETF). The bullish market sentiment is reflected in the Crypto fear and greed index's rise from 47 to 53 within the past week. This rise indicates an optimistic outlook among investors for the future of Bitcoin.
The optimism was initially triggered by a now-debunked report on Blackrock (NYSE:BLK)'s Spot ETF application. Despite the report being false, it has continued to fuel positivity in the crypto market. The potential approval of a spot Bitcoin ETF is considered a possible turning point for the market, as it is expected to attract institutional investors and could potentially result in significant Bitcoin gains.
On the technical front, BTCUSD is demonstrating a bullish trend, characterized by two golden cross patterns as the 20-day moving average (MA) surpassed both the 50-day and 100-day MAs. This technical pattern often signals a potential upward trend in prices.
In related news, Coinbase (NASDAQ:COIN) is preparing to defend itself against charges from the Securities and Exchange Commission (SEC) of unregistered securities. The leading cryptocurrency exchange plans to argue that the SEC lacks evidence and is violating the "major question doctrine".
It remains to be seen how these developments will impact Bitcoin's price trajectory in the coming days and weeks. However, today's surge past $30,000 marks a notable milestone for the cryptocurrency amid an overall positive market sentiment.
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