Bitcoin Price Surges Above $45K Amid Rumors of ETF Approval
The price of Bitcoin has experienced a significant rally, surpassing key resistance levels at $44,000 and $44,400. It is currently trading above $45,000 and the 100 hourly Simple Moving Average, indicating a bullish trend.
One notable development is the break above a crucial ascending channel with resistance near $43,500 on the BTC/USD pair’s hourly chart. This breakout has further fueled the positive sentiment surrounding Bitcoin.
Moreover, there have been rumors circulating that a spot ETF approval for Bitcoin may be imminent by the end of today. These rumors have contributed to the ongoing surge in price.
New Multi-Week High Formed, Consolidation Underway
As a result of these bullish factors, Bitcoin has formed a new multi-week high near $45,499. Currently, the price is consolidating its gains and remains well above the 23.6% Fibonacci retracement level.
Bitcoin’s upward momentum is further supported by its trading position above both the $45,000 level and the 100 hourly Simple Moving Average. The immediate resistance lies at $45,500.
Potential Upside Targets and Support Levels
If Bitcoin manages to surpass the $46,000 resistance level, it could pave the way for further gains. The next significant hurdle stands at $46,800, which could potentially lead to a move towards the $48,000 level.
On the downside, if Bitcoin fails to break through the $45,500 resistance zone, a corrective decline may occur. Immediate support can be found at the $45,000 level, followed by a major support level near $44,500. A breach of this level could result in a drop towards the $43,500 support.
Technical Indicators and Key Levels
Technical indicators suggest a positive outlook for Bitcoin. The hourly MACD is gaining momentum in the bullish zone, while the Relative Strength Index (RSI) for BTC/USD is above the 50 level.
Key support levels to watch include $45,500 and $46,800, while major resistance levels are situated at $45,000, $44,500, and $43,500.
Hot Take: Bitcoin’s Rally Driven by ETF Speculation
The recent surge in Bitcoin’s price can be attributed to the speculation surrounding the potential approval of a spot ETF for Bitcoin. This development has sparked optimism among investors and led to a breakout above key resistance levels. While the price is currently consolidating its gains, further upward movement is possible if Bitcoin can overcome the next resistance at $45,500. On the other hand, a failure to break through this level may result in a downside correction towards the $44,500 support zone.
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