BTC/USD powering north; $45k top eyed amid potential spot BTC ETF approval
Spot BTC Approval?
Following Blackrock, NASDAQ, and the SEC, conducting their second meeting this month to discuss a potentially game-changing Spot Bitcoin Exchange-Traded Fund (ETF), analysts are projecting that approval could come as soon as early January. This, coupled with the Fed’s dovish pivot and the markets behaving accordingly (equities higher; dollar and US yields lower), which was largely based on slowing inflation, BTC/USD will likely continue to welcome bids.
Notably, the technical position for the major crypto remains resolutely positive.
The weekly and daily charts exhibit clear-cut uptrends: a series of higher highs and higher lows. Further, both the 50-day simple moving average and the 200-day simple moving average (SMA) are directed to the upside, currently trading around $38,878 and $31,012, respectively, together with price trading comfortably north of the SMAs, as we write.
Higher Levels Targeted
The upside push today has buyers and sellers now squaring off around resistance on the daily timeframe at $43,828, following a rebound from support at $41,500 earlier in the week. Overthrowing current resistance unearths YTD tops of $45,000 and another layer of daily resistance coming in at $45,525, which happens to sit just south of a major weekly resistance zone between $48,565 and $46,112. Therefore, bulls still have their work cut out for them. However, in light of the Fed’s dovish message and pending approval of a spot BTC ETF, sellers may be few and far between at the above-noted resistances and this could, therefore, prompt any dips to be bought into.
