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Why is Bitcoin price up today?

Published 06/23/2023, 05:28 PM
Updated 06/24/2023, 07:20 PM
© Reuters.
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Bitcoin (BTC) price is up today, reaching a 2023 high at $31,431. The fresh BTC price year-to-date high comes amid recent growing institutional interest in Bitcoin from companies like BlackRock (NYSE:BLK) and Fidelity Investments, both of which filed for a spot Bitcoin ETF within the past two weeks.

The institutional interest seems to have negated the negative news of the SEC cracking down on Binance and Coinbase (NASDAQ:COIN) and bullish traders continue to overpower BTC shorts.

Crypto price map. Source: Coin360
Grayscale holdings. Coinglass
Bitcoin futures liquidations. Source: Coinglass
Bitcoin short vs. long ratio. Souce: Coinglass
U.S. dollar index. Source: TradingView
Bitcoin price versus the S&P 500. Source: TradingView
Bitcoin Fear & Greed Index. Source: Alternative.me

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