BTC exceeded expectations during its bullish run, triggered by the discovery of a BlackRock ETF ticker code on DTCC's website, propelling it to a 2023 high of $35,265. Yet, the removal of the ticker code caused a dip to $34,000, followed by a 18% rally as speculation about a spot ETF listing circulated among crypto traders. Presently, BTC faces challenges in maintaining momentum, but the ongoing positive hints and the increasing likelihood of a Bitcoin spot ETF approval remain pivotal factors.
According to Coingabbar Price Analysis, Following the breakout from the symmetric triangle pattern and surpassing the significant $30,000 resistance level, Bitcoin experienced a notable upswing of nearly 25%, breaking through the psychological barrier at $35,000. Following this strong ascent, BTC has now entered a period of consolidation, evident on the hourly chart as it trades within the confines of a Bullish Pennant Pattern. The break will decide whether we see profit-taking or another significant upswing in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $34,500-$35,000
SUPPORT LEVEL : $33,700-$33,200
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.
