Following the recent approval of the Bitcoin spot ETF, we observed a notable price momentum in BTC and other altcoins. However, it's not entirely convincing for the sustained bullish rally of BTC in the short term. Just a few days ago, BTC struggled to break the $44k level, but now the price is trending at $46k. From a technical analysis perspective, BTC needs to surpass the $47.3k resistance in both daily and weekly timeframes to reach the $52K target.
Looking at the USDT.D (USDT Dominance), it's evident that it has well-maintained a support level of 5%. With the RSI in the oversold zone, there's a compelling possibility of a significant bounce in USDT Dominance, indicating a potential correction in the crypto market.
It will be interesting to observe whether the USDT Dominance breaks down and closes below the 5% support level.
As someone wisely said, "Always prepare for the worst."
In this 4-hour timeframe, BTC has rejected the $44.2k resistance nearly 8 times, currently ranging between $43.5k to $44.2k. With the ETF approval approaching soon, BTC can move in any direction. As of now, we are not taking any leverage trades and keeping tight SL to our existing positions. DYOR.
BTC dropped -10% in the last 8 hours. This dump liquidated many long positions in the market. Currently, BTC is holding the $42K support and it will be quite interesting to see how the next candle will be. With an hour left for the candle to close, I am expecting BTC to hold the $42K support level and make an attempt to reach the $44k resistance level once again.
BTC got rejected from the $45k price range as expected. Now, I expect BTC to hold the $43.8k support level and bounce back. In a worst-case scenario, $42k could be the support level.