Bitcoin On Verge Of Major Bullish Breakthrough

BTC Testing Key LevelFollowing a move up to their highest level this year yesterday, Bitcoin prices are today sitting right up against a major resistance level. Bulls are looking for a breakout here with a move north of the 32185 needed to signal the start of a fresh bull run. The crypto backdrop has turned more favourable in recent weeks. The news that BlackRock has applied to the SEC to launch a Bitcoin ETF has helped drive bullish sentiment with BTC futures rallying around 28% off the June lows.First Crypto ETF LaunchingThis week, news has also landed that Jacobi Asset Management, who applied for the first Bitcoin ETF last year but delayed its launch, will launch its Bitcoin ETF this month. The ETF, which will be listed on the Euronext in Amsterdam, has been authorised in Guernsey. Commenting on the timing of the Lunch, Jacobi noted that “demand had shifted since last summer” and pointed to various negative news-flow last year and earlier this year, which drove the decision to delay the launch until now.Rising DemandWith institutional interest in crypto growing, bulls are citing heightened demand expectations as a key reason to expect a fresh rally here. With the Fed also on the verge of shifting into neutral amidst the continued fall in inflation, risk assets look set to enjoy a solid summer period.Technical ViewsBTCThe market is currently stalled at the 32185 level following the rally off the 24930 level. This is a key pivot for BTC, having capped price for over a year. A break higher here will be firmly bullish, turning focus onto the 37030 level next.