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Here’s Major Reason Why Bitcoin (BTC) Surged to $26,500 and Then Fell Back

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Here's Major Reason Why Bitcoin (BTC) Surged to $26,500 and Then Fell Back

Santiment on-chain data vendor has shared the reason that likely inflated the Bitcoin price to the $26,500 level quickly on Sept. 12 from the $25,100 zone. However, the leading digital currency then promptly returned below the $26,000 mark.

New ETF filing propels Bitcoin price surge

According to a recent X post by Santiment, the recent filing for permission to launch a Bitcoin spot ETF made by Franklin Templeton, a digital assets management company holding $1.5 trillion and based in San Mateo, pushed the Bitcoin price up 4.58%, adding approximately $1,000 to its value within a couple of hours, as a great amount of FOMO (acronym for «fear of missing out») was generated.

With a new runner in this race, there are now around 20 filings made for a Bitcoin spot ETF that are being considered by the Securities and Exchange Commission. However, the momentum gained by Bitcoin all of a sudden died down pretty quickly. Santiment has called what happened on Tuesday, an «overreaction» of the crypto community as the ETF news went to the masses. Now, traders are taking profit from their BTC, which jumped slightly yesterday.

🥳 Similar to previous crowd hype around #ETF news, the #FOMO surrounding #FranklinTempleton’s filed ETF has died down quickly. ETF’s should benefit #crypto in the long term. But beware of initial overreactions when this kind of news first goes mainstream. https://t.co/kOyz37bQSS pic.twitter.com/Ki6fpWQnKd

— Santiment (@santimentfeed) September 13, 2023

In another X post, Santiment also stated it spotted approximately 1.1 million BTC wallets interacting on a daily basis since the end of last week — that was a five-month peak of this metric.

Analyst expects Bitcoin to rise to $31,800

Prominent cryptocurrency analyst Ali Martinez has taken to X app to share that he spotted a buy signal shown by the TD Sequential indicator on Bitcoin’s weekly chart.

In order to confirm this, per the analyst, Bitcoin needs to close above the $25,600 level this week. If that happens, the possible price targets might be the levels of $28,350 and perhaps even $31,800.

#Bitcoin | As we navigate a week with key financial events, it’s crucial to highlight that the TD Sequential indicator has signaled a ‘buy’ on the $BTC weekly chart. For this to be validated, #BTC needs to close above the week above $25,600. If confirmed, targets could be… pic.twitter.com/0S06I5AndB

— Ali (@ali_charts) September 12, 2023

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