Crypto Market Surges as Shorts Liquidated; Bitcoin Eyes New Highs Ahead of Expected ETF Approvals

Bitcoin, Ethereum, and Dogecoin prices spiked as $65M in shorts were liquidated in a single day. Analysts believe this could propel Bitcoin to a new yearly high.

According to JPMorgan, Bitcoin spot ETFs will likely be approved within months, possibly before January 2024.

The global crypto market cap stands at $1.11 trillion after a 3.29% increase over 24 hours.

Stock futures are slightly up Sunday night as traders await big tech earnings reports this week.

Analysts say Bitcoin could consolidate more before breaking past $30K resistance. A breakout could lead to new highs.