Fueled by unverified rumors about the SEC's approval of the iShares Spot Bitcoin ETF, Bitcoin price surged by an impressive 11.10%. This surge broke through a resistance level that had hindered upward movement for nearly three months. Despite the lack of official confirmation on the SEC's website, this speculative development is seen as a pivotal moment for the cryptocurrency market.
According to Coingabbar Price Analysis, The Spot Bitcoin ETF announcement led to a surge from $27,143 to $30,127, breaking a three-month resistance trendline. However, without SEC confirmation, Bitcoin couldn't stay above $30,000, retreating and forming a significant rejection candle on the daily chart. Currently at $28,500, Bitcoin remains above the recently breached trendline and is also trading above the Descending Trendline on the hourly chart. BTC finds support at the 200 Day Moving Average on the daily chart. If it holds this position, there's potential for a 12.30% surge to test the $32,000 region.
KEY LEVELS :
RESISTANCE LEVEL : $28,700-$29,200
SUPPORT LEVEL : $28,000-$27,600
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.
