Bitcoin surpasses the $38,000 mark, reaching levels not seen in almost 18 months.
Upward trajectory attributed to market optimism regarding the potential approval of a spot Bitcoin ETF by the SEC.
Despite setbacks in spot ETF approval for Hashdex and Grayscale, Bitcoin maintains momentum.
Market participants closely monitor developments in the SEC's decision on Bitcoin ETFs.
According to Coingabbar Technical Analysis, Bitcoin experiences a rebound from the ascending trendline, leading to the formation of a Bullish Engulfing candle.
The price surpasses the $38,000 threshold once again following the bullish candle.
Bitcoin's price movement is characterized by intermittent navigation within an Ascending Channel pattern.
On the 4-hour chart, a significant resurgence is observed as the price finds support from the 100-four hourly moving average and the trendline around $35,000.
The key question arises: Can Bitcoin break and close above the $38,000 level, potentially paving the way for a move towards $40,000?
KEY LEVELS :
RESISTANCE LEVEL : $37,600-$38,000
SUPPORT LEVEL : $36,800-$36,300
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.