Technical Analysis and ETF Approval
The absolute level of key resistance, however, remains intact, the level is at $28,737 and marks the long-term 61.8% Fibonacci retracement from the 2020 low to the 2021 all-time high. This level has served as support and resistance in several of the most important price moves over the past several years such as the triple bottoms formed between the two all-time highs in 2021 and opened the floodgates towards $15,000 Bitcoin’s local bottom formed 1-tear after hitting the ATH in November 2022.
Although pricing has once again found unsurmountable resistance at this level the fact that it was taken out on the ETF rumor is solid evidence that it will undoubtedly not remain as the ceiling in price once an ETF approval is formally announced.
XBTO Global CEO Philippe Bekhazi had this to say, “When this approval happens, it will open up new possibilities for a number of sovereign, pension funds, IRAs and 401k as well as other institutions who, before this point, may not have had access to digital asset investment opportunities…From there, it’s likely we’ll see a number of other applications get approved in 2024, which will be a positive step forward for the institutional adoption of crypto.”
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