The sweet dream of ETFs. All Traders Have Their Eyes on the SEC Regarding Bitcoin Spot ETFs, But Would this allow the price of cryptocurrencies to explode? ? This could lead to speculation and demand for the king of cryptocurrencies. The ETF can wait, as Bitcoin continues to show encouraging momentum, and the price stabilizes around $35,000. Will buyers finally succeed in breaking the resistance at $35,000? Sellers should not take advantage of this moment of break to regain control…
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Bitcoin price climbs 1.6% in one week
Bitcoin closed the week at $35,000. Is this the time for buyers to push to break this resistance ? The price of Bitcoin stagnates in 24 hoursbut it shows an increase in1.6% in one week :
In one month, the course is in 25% increase. However, Ethereum could start to gain ground on the king of cryptocurrencies. Indeed, the pair BTC/ETH falls 3.5% in one week. We will have to see if the capital continues to flow towards the prince of cryptocurrencies.
Bitcoin price on resistance at $35,000
Weekly, the price evolves at the level of the resistance at $35,000. Sellers try to push the bulls back at this resistance, but the dynamic remains bullish weekly :
Buyers defended the level of support at $26,000and the price broke last high marked at $31,800. Thus, the momentum is bullish according to Dow’s law. In the event of breakage of the resistance at $35,000the price could head towards the next resistance at $38,000. On the other hand, if the course is done dismissthe next support is around $31,500. The objective is to maintain momentum with ascending troughs and peaks, but also to maintain the bullish trendline implemented at the end of 2022.
The RSI continues to show momentum with ascending lows and highs, the buyers have their hands on momentum.
Cross $35,000, or return to $33,800 for the price of Bitcoin
The dynamic is atadvantage of weekly buyers, and this is also the case in 4H. In fact, the price continues to show a short-term bullish momentum :
THE institutional bias (EMA 9/EMA 18) is bullishhe could act as dynamic support. In the event of breakage of the resistance at $35,000the price could head towards the next resistance which is at $37,000. On the other hand, in the event of rejectionthe price could fall towards support at $33,800. The RSI displays a downtrendTHE sellers have their hands on momentum short term. To change this, the RSI will need to develop beyond 60. A break in the bearish trendline could cause bullish volatility.
The king of cryptocurrencies closed the week at $35,000, and momentum is bullish weekly and in the short term. However, resistance at $35,000 continues to hold. If it gives way, the price could reach resistance at $37,000. As Bitcoin Price Takes a Break, Could Ethereum Profit?
Closer to Bitcoin news
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