Bitcoin has again rebounded above the $43k resistance. On the 19th of December, analysts noted that Bitcoin recorded $43,189. After Blackrock Bitcoin spot ETF filling, Bitcoin retained close to $40k support.
Bitcoin recorded a strong bullish momentum after the SEC announced that the United States would be the first to acquire BTC spot ETF (Exchange-Traded Funds). As of the time of writing, Bitcoin recorded a $43,577 high. Although Bitcoin started the week with uncertainties, the Bulls decided otherwise on 18th Dec after the market closed with an increase of 5% above the day’s low.
Info: Read more here about this weeks Bitcoin Price Analysis.
Bitcoin price was staggering to climb above $43,000 resistance on 18th December. Although the price reached that high, it also witnessed a slithering downside till the 19th when things went sideways. On the 20th, Bitcoin broke the resistance, and BTC managed to escalate its price to above $43,500. Analysts suggest that if the price could surpass the $43,500 resistance could trigger the price to $48,000 and surpass above $50,000 by Jan.
In the recent days, Bitcoin has shown some strength which is significant to the market. Bitcoin has so far surpassed some key resistance levels while aiming to record highs that it has not touched since 2022. This has attracted investors and market specialists to conclude that Bitcoin might surpass its all-time high.
Bitcoin ETF: Game Changer
Reports show that the likelihood of the SEC approving Bitcoin spot is 99.99% in January 2024, although there is no definition time at which the SEC will approve Bitcoin spot ETF, asset managers like BlackRock are certain to expect a favorable decision by the 10th of Jan.
Micro-Strategy co-founder Michael Saylor during an interview with Bloomberg Crypto, said that Bitcoin will witness a bull run adding that approval of spot Bitcoin ETF will increase the demand for Bitcoin in 2024. Bitcoin halving is going to happen in April 2024 and scarcity of Bitcoin will be witnessed. Bitcoin halving will reduce the number of Bitcoin mined from 900 to 450. With Bitcoin spot ETF approval, BTC demand will be high and this will facilitate Bitcoin’s price to escalate.
The ETF approval is a hot topic in the crypto industry. It will act as a bridge between traditional investors and the crypto industry. It will enable Bitcoin to expand its territory and impact the financial sector. Moreover, if the approval of Bitcoin spot ETF is approved a cash flow of $100 billion will be expected into the crypto market. This will potentially increase Bitcoin’s value in the market and propel the industry.
ETF approval matters to the crypto industry, it marks the acceptance and evolution of the crypto industry. Potential approval in Jan will ensure institution investors are drawn near to crypto which will ensure there is a crypto surge in the market.