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Why is Bitcoin price up today?

Published 08/29/2023, 01:24 PM
Updated 08/29/2023, 03:00 PM
© Reuters.
BLK
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Bitcoin (BTC) price is up today, rising 5% with a sharp upward candle that sent the price to a 2-week high over $28,000 after U.S. Court of Appeals Circuit Judge Neomi Rao sided with Grayscale Bitcoin Trust (GBTC) in its case against the U.S. Securities and Exchange Commission (SEC).

The decision amplifies the recent growing institutional interest in Bitcoin from companies like BlackRock (NYSE:BLK) and Fidelity Investments, both of which are scheduled to hear answers about their BTC spot ETFs on Sept. 2.

Bitcoin price. Source: TradingView
Grayscale holdings. Coinglass
ETF tracker. Source: Bloomberg
BTC balance on exchanges. Source: Glassnode
Bitcoin exchange net position change. Source: Glassnode
Bitcoin liquidation heat map. Source: Coinglass
Bitcoin short vs. long ratio. Source: Coinglass
Bitcoin Fear & Greed Index. Source: Alternative.me

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