Well, it looks like the Bitcoin ETF and the US announcement of the new exchange really push the price of Bitcoin up[2], after the Binance and coindesk issue which make BTC to plummet. Bitcoin did it again, surprising and shaming TA's on their prediction about BTC crashing further.
Bitcoin ETF and EDF exchange are only news and they are not real reasons. If we consider this year is the last year of a bear market in a big market cycle from 2020 to 2023 and some early months of 2024, the market must recover and to recover strongly, it must have some big news to bounce.
Like Bitcoin Futures CBOE and CME in 2018, now we have Bitcoin Futures everywhere and Bitcoin still dropped in last two years 2022, 2023 and do Bitcoin Futures are strong enough to save Bitcoin price, they are not.
Bitcoin ETFs will be like Bitcoin Futures and they will be new normal term we use in Bitcoin market.