Bitcoin Surges on Hopes for US ETF Approvals, But Hurdles Remain to Reach $40K Target

Bitcoin has jumped on bets that US exchange-traded funds investing directly in the token will be approved soon.

The question is whether actual approval for the products would lead to some profit-taking.

Bitcoin is up 16% this week and recently topped $35,000 for the first time since 2022.

Technical indicators suggest the $36,000 level poses a near-term challenge for the Bitcoin rally.

Options data shows many bets on Bitcoin reaching $40,000 by year-end, a 16% gain from current levels.