Deal done? – Financial titans are doing everything they can to ensure that the SEC cannot deny applications for spot Bitcoin ETFs. Recently, Grayscale, Ark Invest, Valkyrie and Van Eck filed a new form with the SEC. This form allows ETF issuers to trade on the stock exchange once the product has been approved.
While awaiting the SEC’s final decision, the price of Bitcoin continues to display volatility. Buyers and sellers are battling it out below $45,000. Certain elements suggest that volatility could even be greater in the days or weeks to come. Here is today’s newsletter!
This analysis of the Bitcoin price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Bitcoin price rises 1.6% in 24 hours
We feel that the market is very sensitive to different news. The price of Bitcoin is capable of punish buyers, then punish sellers in the space of a few hours. After a fall which brought the course under $41,000BTC returned close to $45,000. In 24 hours, BTC shows a increase of 1.6% :
Bitcoin performance
| 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|
| BTC/ETH -0.19% | 0.83% | 7.11% | 1.11% | 14.39% | 19.83% |
| BTC/USDT 0.31% | 1.61% | 2.79% | 0.47% | 57.06% | 44.81% |
| BTC/USD 0.32% | 1.62% | 2.80% | 0.52% | 57.13% | 44.86% |
Bitcoin outperforms Ethereum over the past month by 1.11% while the price of BTC in USD increased by 0.52%.
Bitcoin performance against different pairs. Source: Coincheckup
Now, the price shows an increase of almost 3% in one week and almost 45% in six months. However, the situation could change quickly. Depending on the SEC’s decision regarding ETFs, the price could move in one direction or another.
The price of Bitcoin could soon experience significant volatility
Currently, the price of BTC is experiencing a non-negligible volatility. However, the situation could become even more extreme. Concretely, the more Bollinger Bands are close to each other (tightened) and the less volatility. Currently, the Bollinger bands are tightened :
The price of cryptocurrencies tends to evolve according to consolidation phasesand expansion phases as we can see on the graph since September. In recent weeks, the price of BTC has experienced a consolidation phase between $44,000 and $41,000 on a daily basis. If buyers manage to undo the $44,000a news expansion phase could appear, with a relatively high volatility. A scenario which could allow during find the $50,000. On the other hand, a break of support at $41,000 could allow sellers to bring BTC back up to the support at $37,500. Whatever happens, there should be volatility!
Bitcoin price once again stuck on resistance at $44,000
In 4H time unit, the price continues to show a bullish momentum with ascending troughs and peaks. However, since the loss of $44,000the price evolves again within a range located between $44,000 and $40,700 :
The course has once again stuck on the $44,000and as long as the resistance level holds, a return to the support at $42,000 is possible. On the other hand, if buyers manage to take over $44,000 as supportthe price could join the next resistance around $46,000. The RSI is encouraging, it continues to show a bullish momentum.
The price of Bitcoin reacts strongly to various news regarding Bitcoin spot ETFs. Based on the pattern of the daily Bollinger Bands, volatility could explode higher once the price chooses a clear direction. In the short term, $44,000 continues to block the price. Buyers will need to break this resistance level so that BTC can continue its rise towards $50,000. Altcoins are relatively strong, they could take advantage of this to fully express themselves.
Bitcoin news that matters:
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