BTC surges to $37,900, fuels bullish outlook among bitcoin traders.
FUNDAMENTAL OVERVIEW
- For the first time in eighteen months, the price of Bitcoin surged to $37,900, fostering an optimistic perspective among BTC traders.
- The potential approval of a BTC spot ETF and positive on-chain metrics are believed to be catalysts for Bitcoin’s gains.
- Thursday witnessed a spike in Bitcoin whale transactions worth $100,000, coinciding with a decrease in supply on exchanges.
The price of Bitcoin surged to $37,900, marking a level not seen in a year and a half, driven by anticipation of US regulators greenlighting a spot Bitcoin exchange-traded fund. BTC traders’ sentiment has brightened as the US Securities and Exchange Commission (SEC) reviews 12 Bitcoin ETF applications.
Surpassing $37,900, the price of Bitcoin rose, despite a surge in whale transactions valued at $100,000 or more. Bitcoin has seen almost a 35% increase since the recent rally commenced in mid-October.
In 2023, the spotlight has been on the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF). Despite numerous postponements, Grayscale’s win against the United States Securities and Exchange Commission (SEC) has raised the likelihood of approval, hinting at a possible expedited process.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview
Bitcoin is currently trading within an up channel.
Bitcoin is positioned above all Moving Averages (SMA).
The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a positive trend.
Immediate Resistance level: 36997.07
Immediate support level: 35991.46
HOW TO TRADE BITCOIN
After a decline, Bitcoin established a support level from which it began an upward trend, forming a pattern of higher highs. Currently, Bitcoin is approaching a significant resistance zone, and if this zone is breached, further upward movement can be anticipated.
TRADE SUGGESTION- STOP BUY– 37139, TAKE PROFIT AT- 40013, SL AT- 35584.