Bitcoin Spot ETF Anticipation: The anticipation of a Bitcoin Spot ETF is boosting Bitcoin's price.
SEC's Delayed Decision: The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the HashDex Bitcoin Spot ETF application.
Recent Price Increase: Bitcoin's price has recently increased by 5%, surpassing $37K and teasing a break towards $38K.
Investors' Focus on Other ETFs: With delays in decisions on certain ETFs, investors are now focusing on Franklin Templeton's Bitcoin ETF application.
Potential Breakout at $38K: Bitcoin is showing signs of a breakout at the $38K mark after 18 months, with predictions suggesting a possible rise to the $40K level.
Long-Term Recovery Trend: The 1W chart indicates a long-term recovery from a low of $15K, driven partly by ETF anticipations.
Challenging Overhead Resistance: The recent 5% overnight surge in Bitcoin's price is challenging the overhead resistance at $38K.
Golden Crossover and Recovery Support: The increasing gap between the 200-week and 50-week averages and the intensifying golden crossover may support further recovery.
Current Trading Price and Candle Formation: Bitcoin is currently trading at $37,470, with a 1.09% intraday pullback following a 6.50% overnight hike. A bullish marubozo candle formation is observed.
1D Chart Analysis: The 1D chart shows Bitcoin forming higher highs, with a bullish marubozo candle engulfing previous corrections and high trading volume indicating strong demand.
Technical Indicators: The daily Relative Strength Index (RSI) is near the overbought boundary, maintaining bullish momentum.
Outlook for New All-Time High: While there's optimism for a new all-time high, the uptrend may face challenges in reaching this before the end of the year.
Next Milestones and Potential Retests: If Bitcoin surpasses $38,000, the next milestone is $40,000, with a potential to challenge $45,000. However, a sudden pullback could see it retest the $35K level.
SEC's Delayed Decision: The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the HashDex Bitcoin Spot ETF application.
Recent Price Increase: Bitcoin's price has recently increased by 5%, surpassing $37K and teasing a break towards $38K.
Investors' Focus on Other ETFs: With delays in decisions on certain ETFs, investors are now focusing on Franklin Templeton's Bitcoin ETF application.
Potential Breakout at $38K: Bitcoin is showing signs of a breakout at the $38K mark after 18 months, with predictions suggesting a possible rise to the $40K level.
Long-Term Recovery Trend: The 1W chart indicates a long-term recovery from a low of $15K, driven partly by ETF anticipations.
Challenging Overhead Resistance: The recent 5% overnight surge in Bitcoin's price is challenging the overhead resistance at $38K.
Golden Crossover and Recovery Support: The increasing gap between the 200-week and 50-week averages and the intensifying golden crossover may support further recovery.
Current Trading Price and Candle Formation: Bitcoin is currently trading at $37,470, with a 1.09% intraday pullback following a 6.50% overnight hike. A bullish marubozo candle formation is observed.
1D Chart Analysis: The 1D chart shows Bitcoin forming higher highs, with a bullish marubozo candle engulfing previous corrections and high trading volume indicating strong demand.
Technical Indicators: The daily Relative Strength Index (RSI) is near the overbought boundary, maintaining bullish momentum.
Outlook for New All-Time High: While there's optimism for a new all-time high, the uptrend may face challenges in reaching this before the end of the year.
Next Milestones and Potential Retests: If Bitcoin surpasses $38,000, the next milestone is $40,000, with a potential to challenge $45,000. However, a sudden pullback could see it retest the $35K level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.