U.Today reports that Bitcoin (BTC) is on an upward trend for the fourth consecutive week, approaching an 18-month high of $38,000. As of the latest update, BTC registered a 0.53% increase in the last 24 hours, reaching $37,019. The surge, exceeding 40% in the past month, is fueled by growing expectations of regulatory approval. On Thursday, Bitcoin nearly touched $38,000, marking its highest value since May 2022. However, it is still approximately halfway to reclaiming the peak of the 2021 crypto frenzy when it reached over $69,000. Traders are eyeing a price point beyond, with legendary traders setting a target of $43,289 based on potential flag or pennant patterns. The demand for the Bitcoin network is rising, evidenced by a 243% week-over-week increase in fees, and institutional and whale activity has surged, reflecting an 80% spike in transactions exceeding $100,000. Over the past week, exchanges received $230 million in Bitcoin deposits. While the perpetual swap funding rates for BTC and ETH are at their highest levels in over a year, caution is advised, as historically, elevated funding rates have signaled market overextension. Though not an immediate indicator of an impending crash, it suggests a need for vigilance in the market.
