Bitcoin hit a 16-month high, surpassing $35,000.

Optimism for a U.S. Bitcoin ETF approval boosted the market.

Grayscale's court ruling and BlackRock's application played a part.

Other cryptocurrencies like Chainlink, Polkadot, and Polygon saw gains.

The U.S. stock market ended mixed as the 10-year Treasury yield dropped.

Bitcoin's trend indicator shows a significant uptrend.

Digital asset investment firm Galaxy expects the uptrend to continue.

Option dealers are buying Bitcoin to hedge positions, adding to price momentum.

Bitcoin blockchain activity has declined, raising concerns about price sustainability.

Support is seen around $26,750-$28,250.