Benzinga - Bitcoin (CRYPTO: BTC) is poised to deliver its strongest daily performance since the end of August, surging by more than 5% as of 04:30 p.m. ET on Monday.
The day’s price action has been marked by significant fluctuations, which didn’t prevent bulls from regaining control by as the day unfolded.
Earlier Monday morning, Bitcoin soared to a peak of $30,000 on the back of misleading reports from the crypto news outlet Cointelegraph, which had erroneously stated that the U.S. Securities and Exchange Commission (SEC) had given the green light to a spot Bitcoin exchange-traded fund (ETF) application submitted by the major asset manager BlackRock Inc. (NYSE:BLK).
Chart: Bitcoin’s Pump and Dump On False ETF Approval
After the report was retracted, Bitcoin retraced all of its early morning gains. However, a subsequent development emerged when it was confirmed that the SEC failed to appeal its August court loss regarding Grayscale’s application to convert its Bitcoin Trust.
This news emboldened the bulls, leading to a resurgence in momentum during midday trading, ultimately propelling Bitcoin above the $28,000 mark, representing a 5% gain for the day.
Read also: If You Invested $1,000 In Bitcoin When It Launched, Here’s How Much You’d Have Now
Monday’s price movements hold significant technical significance as the bullish momentum has broken through the crucial 200-day moving average. This breakthrough marks the first time since the end of August that Bitcoin is anticipated to close above this key level.
Chart: Bitcoin Surges Past 28,000, Breaks Above 200-Day Average
Now read: Cathie Wood Says ‘Hopes Are Rising’ For Bitcoin ETF Approval By SEC
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