Spot Bitcoin ETF Crossroads: BTC Hangs in the Balance of SEC Decision

Bitcoin price surged to $48,000, retraced, seeking $45,000 support.

• According to Bitcoin Price prediction, Bitcoin achieved a historic 'Golden Cross,' marking the first time its 50-week MA crossed over the 200-week MA.

• Bitcoin surged to a 19-month high above $48,000 following signals from the SEC's official account on X indicating potential approval of the bitcoin ETF.

• Optimism waned as the bitcoin price rapidly dropped by nearly 6.20%, settling at the $45,000 support level, signaling a compromise of the SEC's account.

• On the daily chart, bitcoin price initially broke a bullish ascending channel pattern but failed to sustain the breakout, reverting back into the pattern.

• Despite the setback, BTC Price found support around $45,000 and the 100 Hourly Moving Average, leading to a reversal in its direction.

• Subsequently, Bitcoin price entered a consolidation phase, awaiting further SEC decision.

• The future trajectory of BTC's price is contingent on the decision regarding the Bitcoin ETF, introducing uncertainty about whether it will ascend to $50,000 or descend to $40,000 levels.

KEY LEVELS :

RESISTANCE LEVEL : $47,000-$48,300

SUPPORT LEVEL : $44,700-$43,200

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