Bitcoin registers an upward tick following the SEC’s approval of the first ETFs tracking the cryptocurrency’s price.
FUNDAMENTAL OVERVIEW:
Bitcoin is approaching a 21-month high following the approval of ETFs by U.S. regulators.
On Thursday, Bitcoin experienced an uptick as the leading U.S. securities regulator approved the first exchange-traded funds (ETFs) linked to the cryptocurrency’s spot price. This development is a notable step forward, offering investors a regulated vehicle to engage with Bitcoin through ETFs.
On Wednesday, the U.S. Securities and Exchange Commission’s decision, approving 11 applications from various issuers, including BlackRock (NYSE: BLK), Fidelity, and digital currency asset manager Grayscale, is expected to have far-reaching implications for the broader crypto industry.
Advocates for Bitcoin, the globally renowned cryptocurrency, argue that the SEC’s endorsement could trigger a surge in demand for the token. With the approval of a spot Bitcoin ETF, investors now have an opportunity to access the digital asset’s exposure without direct ownership.
The largest cryptocurrency globally has experienced an almost 9% increase year-to-date, reaching $47,915 on Tuesday, marking its highest value since March 2022.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Bitcoin is currently trading within an up channel.
Bitcoin is positioned above all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Buying zone, while the Stochastic oscillator suggests a Neutral trend.
Immediate Resistance level: 47163.09
Immediate support level: 457211
HOW TO TRADE BITCOIN
Bitcoin is currently trending within an upward channel, forming higher highs. Recently, it broke the previous day’s high and created a bullish engulfing pattern, indicating current strength. The cryptocurrency is now approaching a significant resistance zone, and a potential breakthrough could lead to further upward movement.
TRADE SUGGESTION- STOP BUY– 47225.55, TAKE PROFIT AT- 50191.93, SL AT- 45692.86.