An imminent arrival – According to a Bloomberg analyst, a Bitcoin ETF could arrive within a few days. According to him, there is a 90% chance that there will be approval of a spot Bitcoin ETF before January 10, 2024. However, a window is currently opening, and the SEC could approve the various ETFs before this date .
At the same time, the price of Bitcoin continues to rise. He comes from break resistance at $35,000, and the price is moving around $36,500. While waiting for a potential approval of a spot Bitcoin ETF, buyers retain control.
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Bitcoin price rises 4% in 24 hours
Bitcoin is in the green, buyers have managed to get rid of the resistance at $35,000. THE Bitcoin price displays a increase of 4% in 24 hours :
In one month, the course shows a impressive increase of 33%. Also, BTC continues to rule the roost against ETH. The BTC/ETH pair climbs 2% in 24 hoursand it is up by almost 10% in one month.
Accumulation on the price of Bitcoin: the whales are feasting
Some on-chain indicators allow to monitor the behavior of market operators, ranging from the smallest wallets, to wallets that are capable of affecting the price of Bitcoin. L’Accumulation Trend Score signals a accumulation when close to 1and an distribution when close to 0.
Data from Glassnode shows that operators are accumulating heavily Currently. Indeed, portfolios having less than 1 Bitcointo entities having more than 10,000 BTC : all accumulate. The change in behavior took place in the middle of October, it seems that the speculation around the arrival of a Bitcoin ETF in cash are still relevant.
Bitcoin price approaches resistance at $37,000
In 4 H time units, these are the buyers who have control over the price. In fact, the momentum is bullish according to Dow’s law since the troughs and peaks are ascending. The course was based on the institutional bias (EMA 9/EMA 18) bullish and the resistance at $35,000 surrendered :
The price is now approaching the resistance at $37,000. A break of this resistance could bring the price back to $38,500. On the other hand, if the resistance rejects the course, it could return to the level of support at $35,000. The RSI broke the bearish trendlineand some bullish volatility was put in place. THE buyers once again have control of the momentum thanks to the fence above 61.
Since October, operators have changed their behavior. Indeed, they are currently accumulating for the potential arrival of a spot Bitcoin ETF. Bitcoin price has broken the resistance at $35,000, it is heading towards the next resistance at $37,000. A breakout could bring the price back to $38,500. As the price continues to rise, some altcoins follow. This is the case of MultiverseX (EGLD).
Closer to Bitcoin news
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