Why is Bitcoin price up today?

Key takeaways

• Bitcoin briefly touched the $29k level on Wednesday after rallying by more than 6% in the last 24 hours.

• The rally comes after BlackRock filed for a Bitcoin ETF and Fidelity, Schwab, and Citadel backed a crypto exchange.

Institutional interest pushes Bitcoin higher

Bitcoin has been performing well since the start of the week and set a new milestone a few hours ago. The leading cryptocurrency touched the $29k level for the first time since May after adding more than 6% to its value over the last 24 hours.

At press time, the price of Bitcoin stands at $28,834 per coin. Bitcoin reached a daily high price of $29,110 a few hours ago before retracing to currently trade above $28,800 per coin.

The rally comes as institutional interest in the cryptocurrency market increased in the last few days. 

Earlier this week, BlackRock, the world’s largest asset management firm with nearly $10 trillion in assets under management, applied with the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF). 

The SEC has rejected all the spot Bitcoin ETF applications filed over the years. However, market participants are optimistic that the SEC could approve BlackRock’s application due to the company’s standing.

A few hours ago, EDX Markets, a crypto exchange backed by Fidelity, Schwab, and Citadel, also went live. 

The increased interest in the crypto market by traditional financial institutions fueled Bitcoin’s rally over the last 24 hours. 

Bitcoin Eyes $30k

Bitcoin could be looking to break past the $30k psychological level in the near term if the current market momentum is maintained. The technical indicators currently show that Bitcoin is bullish.

If the Bulls can maintain the current market sentiments, Bitcoin could rally toward the $30k level in the next few hours. 

The total cryptocurrency market cap surged past the $1.1 trillion mark a few hours ago as Bitcoin and the other leading cryptocurrencies rallied.