Bitcoin Price Surges on Speculation of Spot ETF Listing
The price of Bitcoin has experienced a significant increase following speculation that a spot ETF listing by DTCC may be imminent. This surge in bullish momentum occurred after breaking through the $32,000 resistance zone.
The cryptocurrency saw a notable rise towards the $35,000 resistance zone, resulting in a new multi-week high around $35,225. Currently, the price is consolidating its gains and remains well above the 23.6% Fibonacci retracement level from the recent swing low of $30,400 to the high of $35,225.
Bitcoin is now trading above $34,000 and is supported by the 100-hourly Simple Moving Average. Additionally, there is a bullish trend line forming with support at approximately $32,500 on the BTC/USD pair’s hourly chart. This trend line aligns closely with the 61.8% Fibonacci retracement level of the upward move from $30,400 to $35,225.
On the upside, immediate resistance lies near $34,800, followed by a key resistance level at $35,250. A decisive move above this recent high could propel Bitcoin towards the $36,200 resistance and potentially even higher to $37,000 and beyond in the coming days.
Possible Downside Correction for Bitcoin
If Bitcoin fails to surpass the $34,800 resistance zone, a downside correction may be expected. The initial support on the downside can be found near the $34,120 level.
A more significant support level is located around $32,800 along with the aforementioned bullish trend line. Should the price break below this trend line support, it could potentially decline further towards the $31,500 level in future trading sessions.
Technical Indicators
The hourly MACD (Moving Average Convergence Divergence) is currently showing an acceleration in the bullish zone. Additionally, the hourly RSI (Relative Strength Index) for BTC/USD is now above the 50 level, indicating positive momentum.
Major support levels to watch for are $34,120 and $32,800, while key resistance levels can be found at $34,800, $35,000, and $35,250.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Skyrockets Amid Speculation of Spot ETF Listing
The price of Bitcoin has surged over 15% following speculation that a spot ETF listing by DTCC may be on the horizon. This surge in bullish momentum has propelled Bitcoin above key resistance levels and indicates potential further gains in the near future. However, there is also a possibility of a downside correction if the price fails to break through the immediate resistance zone. Technical indicators suggest that Bitcoin is currently in a favorable position with strong support levels and positive momentum. As the market continues to react to news and developments surrounding ETF listings and regulatory decisions, the price of Bitcoin remains highly volatile.
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