The Bitcoin Price Rises as Confidence in Spot Bitcoin ETF Approval Grows
The U.S. Securities and Exchange Commission (SEC) has quickly reviewed and provided feedback to companies proposing spot Bitcoin exchange-traded funds (ETFs), indicating its active role in the review process. This has boosted market confidence, leading to a surge in the BTC price to $47,355 for the first time since March 2022.
Channel Pattern Breakout Indicates Prolonged Recovery
- The Bitcoin Fear & Greed Index reflects ‘Greed’ among market participants.
- The BTC price breakout from the channel pattern signals an 11% surge ahead.
- The intraday trading volume in Bitcoin indicates a 30% gain.
Amid recent uncertainty, Bitcoin experienced a shallow recovery under a channel pattern. However, on January 8th, the BTC price surged by 6.73% and broke out of the channel pattern following progress on Spot Bitcoin ETF approval.
Over 90% of Bitcoin Addresses in Profit
As the BTC price surpassed $46,000, over 90% of Bitcoin addresses are now in profit. This reflects increased investor confidence and suggests a lower likelihood of selling due to fear.
In a recent interview with CNBC, Jay Clayton, former chairman of the SEC, expressed his belief that the approval of a spot Bitcoin ETF in the United States is ‘inevitable’.
Currently, the Bitcoin price trades at $46,817 with an intraday loss of 0.47%, attempting to sustain above the breached trendline of the channel pattern.
Could BTC Price Reach $60,000?
If the BTC price holds above the breached trendline near $46,350, it could signal a stronger bullish trend. Sustained buying post-breakout could push the price to $52,150 and potentially reach the psychological mark of $60,000.
- The Average Directional Index suggests the last correction will revive buyer strength.
- The Exponential Moving Average can provide support during occasional pullbacks.
Hot Take: The Bitcoin Price Rises on Spot Bitcoin ETF Approval Prospects
The Bitcoin price has regained momentum as market confidence in the approval of Spot Bitcoin ETFs grows. The SEC’s quick response to companies proposing these ETFs shows its active role in the review process. This has led to a surge in the BTC price, breaking crucial resistance and paving the way for further growth. With a breakout from the channel pattern and increased investor confidence, the BTC price could potentially reach $60,000.
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