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Bitcoin price is up today as institutional investor inflows and traders’ belief that a spot BTC ETF approval is on the way boosts bullish momentum.
Bitcoin (BTC) price is up today, topping $44,000 for the first time in over 19 months. The rally highlights traders’ continued bullish bias for Bitcoin, which produced the best November performance since 2020.
The most likely catalyst for Bitcoin’s rally to $44,000 is the markets’ belief that a spot BTC exchange-traded fund (ETF) will be approved in January 2024 and this is bringing significant cash inflows from institutional investors.
Now that BTC has notched its best monthly close in 19 months, let’s look into the reasons why Bitcoin price is up today.
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