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

10-01-2024 By: Lokesh Gupta
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 predictionBitcoin 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

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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