Why is Bitcoin price up today?

Bitcoin (BTC) price is up today, rising to an intra-day high of $37,972 before retracing below $37,000. The rally to a new year-to-date high comes as hype around a spot BTC exchange-traded fund (ETF) resulted in a wave of short liquidations, pushing prices across the crypto market higher. 

Bitcoin price. Source: TradingView

Let’s look into the reasons why Bitcoin price is up today.

Institutional interest in Bitcoin boosts market sentiment

Despite a bevy of macro headwinds, Bitcoin price continues to push higher, achieving a 121% year-to-date gain and options market data shows traders angling toward the $40,000 level. The price move of the last two weeks sent the Crypto Fear and Greed…

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