Bitcoin price is up today, rising to an intra-day high of $37,972 before retracing below $37,000.The rally to a [new year-to-date high](https://cointelegraph.com/news/bitcoin-hits-37000-amid-pending-etf-approvals) comes as hype around a [spot BTC exchange-traded fund (ETF)](https://cointelegraph.com/news/blackrock-spot-bitcoin-etf-nasdaq-clearing-firm) resulted in a wave of short liquidations, pushing prices across the crypto market higher.Let’s look into the reasons why Bitcoin ( [BTC](https://cointelegraph.com/bitcoin-price)) price is up today.Institutional interest in Bitcoin boosts market sentiment Despite a bevy of macro headwinds, Bitcoin price continues to push higher, achieving a 121% year-to-date gain, and options market data shows traders angling toward the $40,000 level.The price move of the last two weeks sent the Crypto Fear & Greed Index to its highest level since Bitcoin price hit the $69,789 all-time high in November 2021.After a rush of spot [Bitcoin ETF amendments](https://cointelegraph.com/news/bitcoin-price-holds-as-institutional-investor-boosts-sentiment) in mid-October, the first window for the Securities and Exchange Commission [to approve the 12 outstanding ETFs](https://cointelegraph.com/news/bitcoin-etf-approval-window-sec-bloomberg-analysts) opened on Nov.
9.
New Research note from me today.
We still believe 90% chance by Jan 10 for spot— James Seyffart (@JSeyff) [#Bitcoin]ETF approvals.But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur [pic.twitter.com/u6dBva1ytD] [November 8, 2023] To date, the SEC has refused to approve a spot Bitcoin ETF despite numerous applicants, including [BlackRock](https://cointelegraph.com/news/blackrock-apply-spot-bitcoin-etf-sec-nasdaq), Fidelity, [ARK Invest](https://cointelegraph.com/news/third-time-s-the-charm-ark-and-21shares-again-file-with-sec-for-bitcoin-etf) and 21Shares.
The open period for approval lasts until Nov.17.If the SEC continues the pattern of delaying a spot Bitcoin ETF approval, remains open until Jan.10.Related: [Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers](https://cointelegraph.com/magazine/interview-2-years-after-john-mcafee-death-wife-janice-broke-still-grieving/) According to reports, an approval may [generate $600 billion](https://cointelegraph.com/news/bitcoin-etfs-600-billion-tipping-point-crypto) in new demand.
CryptoQuant analysts believe that an ETF approval will lead to a $1 trillion increase in Bitcoin’s market capitalization.Galaxy Digital predicts a [ 74% price increase](https://cointelegraph.com/news/galaxy-digital-soaring-bitcoin-price-increase-after-etf-launch) [ in the first year after a spot BTC ETF launch.](https://cointelegraph.com/news/galaxy-digital-soaring-bitcoin-price-increase-after-etf-launch) Bitcoin liquidations surge as exchange supply drops Coinciding with Bitcoin price gains, the BTC [supply on exchanges ](https://cointelegraph.com/news/bitcoin-exchanges-same-btc-supply-late-2017)remains below the May 3, 2023 yearly peak.Exchanges have shed over 200,000 BTC since then.The market perceives coins leaving crypto exchanges as a bullish signal, given traders typically withdraw their BTC when they want to hold it in self-custody long-term.On Nov.
7, long-term [Bitcoin holders hit an all-time](https://cointelegraph.com/news/bitcoin-supply-held-long-term-holders-hits-all-time-high) in purchasing 92% of all newly BTC minted.Related: [Chainlink (LINK) pumps 26% in 6 days — Is there room for more?](https://cointelegraph.com/news/chainlink-pumps-26-in-6-days-is-there-room-for-more) With Bitcoin continuing to leave exchanges, liquidations tend to have a substantial impact on price.In the past 24 hours alone, over $126 million in BTC shorts have been liquidated, with over $74.6 million in shorts being liquidated in a 12-hour timeframe.
Bitcoin price is showing some bullish momentum, which is helping BTC break out of consolidated ranges.A break from the key $37,000 resistance levels gives confidence to upward buoyancy for Bitcoin price.Such movement is leading analysts to believe that Bitcoin’s price upside has been lifted.— Kelly Greer (@kellyjgreer) [#btc]on gas through 37k and flows in futures and options are definitively constructive: – CME Futures OI passed 100k BTC for the first time ever.Nov Basis is trading at roughly 20% – Implied vols are up across the curve with calls in demand, reflected in higher skew with BTC… [https://t.co/Uw91k1hVWE] [November 9, 2023] This article does not contain investment advice or recommendations.Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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