Why is the Bitcoin (BTC) Price Up Today

Bitcoin’s price continues charting gains, and it seems that the weekend has caught bears unprepared.

At the time of this writing, BTC is up 2.1% on the day, trading at above $30K – an important psychological and resistance level. It’s worth noting that it’s not the first time this week that Bitcoin has tried to overcome $30K.

On October 16th, prompted by false reports of an approved spot Bitcoin ETF, the BTC price shot up to around $30K on Binance. As soon as the reports were proven to be fake, however, the market corrected.

Two days later, Bitcoin’s price once again shot up to $30K but was once again unable to sustain itself above this pivotal level.

At the time of this writing, BTC trades at $30,101, up 2% on the day and 12% on the week. There doesn’t seem to be a particular reason for the increase, but the broader market optimism toward potential approval of a spot BTC ETF by the United States Securities and Exchange Commission might be a driving force.

The total trading volume remains relatively low at around $34 billion for the past 24 hours, according to data from CoinGecko. The rest of the market is also trading well in the green, with ETH charting 1.6% gains in the past day as well.

Data from Coinglass reveals that the past day saw a total of $68 million worth of liquidated derivatives positions.

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