Hello everyone, as we all know the market action discounts everything :)
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Bitcoin has been dropping for the last 3 days and today the market is looking like it might expand the decline even more.
The main reason for this decline is investors and trader sentiment, notice how everyone is worrying currently waiting for any hints from the Federal reserve regarding interest rate cuts.
Which would explain why we have been seeing a strong bullish movement on Gold breaking the $2000 levels.
For a while now we have been seeing Bitcoin eyeing the $40k level, What would make it soar and break that level and possibly way higher is the Spot ETF Approval .
Cryptocurrency traders and investors are keeping a close eye on the Securities and Exchange Commission (SEC) as it considers establishing a spot Bitcoin Exchange-Traded Fund (ETF). The market is vibrating with excitement as Bitcoin continues to rise below $40,000 per coin. The conclusion of the ETF's evaluation, as well as the imminent Halving event in Q2 2024, have fueled speculation that the value of BTC might potentially quadruple. YES YOU HEARD ME RIGHT!! QUADRUPLE!
The favorable atmosphere around the potential approval of a spot Bitcoin ETF is adding to the bullish outlook for BTC. An ETF would provide a regulated investment vehicle for Bitcoin exposure, possibly opening up the market to a larger base of investors who have been waiting for more traditional ways to obtain exposure to the cryptocurrency.
The sentiment surrounding the possible approval of a spot Bitcoin ETF is adding to the positive outlook for BTC's price. An ETF would provide a regulated investment vehicle for exposure to Bitcoin, potentially opening the market to a broader base of investors who have been waiting for more traditional avenues to gain exposure to the cryptocurrency.
Also notice how we have witnessed a golden cross on the BTC Chart.
You need to keep your eyes on these levels :
1) Support at 32944.72
2) Support at 25146.53
3) Resistance at 40037.76
4) Resistance at 42609.51
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Bitcoin has been dropping for the last 3 days and today the market is looking like it might expand the decline even more.
The main reason for this decline is investors and trader sentiment, notice how everyone is worrying currently waiting for any hints from the Federal reserve regarding interest rate cuts.
Which would explain why we have been seeing a strong bullish movement on Gold breaking the $2000 levels.
For a while now we have been seeing Bitcoin eyeing the $40k level, What would make it soar and break that level and possibly way higher is the Spot ETF Approval .
Cryptocurrency traders and investors are keeping a close eye on the Securities and Exchange Commission (SEC) as it considers establishing a spot Bitcoin Exchange-Traded Fund (ETF). The market is vibrating with excitement as Bitcoin continues to rise below $40,000 per coin. The conclusion of the ETF's evaluation, as well as the imminent Halving event in Q2 2024, have fueled speculation that the value of BTC might potentially quadruple. YES YOU HEARD ME RIGHT!! QUADRUPLE!
The favorable atmosphere around the potential approval of a spot Bitcoin ETF is adding to the bullish outlook for BTC. An ETF would provide a regulated investment vehicle for Bitcoin exposure, possibly opening up the market to a larger base of investors who have been waiting for more traditional ways to obtain exposure to the cryptocurrency.
The sentiment surrounding the possible approval of a spot Bitcoin ETF is adding to the positive outlook for BTC's price. An ETF would provide a regulated investment vehicle for exposure to Bitcoin, potentially opening the market to a broader base of investors who have been waiting for more traditional avenues to gain exposure to the cryptocurrency.
Also notice how we have witnessed a golden cross on the BTC Chart.
You need to keep your eyes on these levels :
1) Support at 32944.72
2) Support at 25146.53
3) Resistance at 40037.76
4) Resistance at 42609.51
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.