Bitcoin rose above $47,000 on Monday, following updates from issuers like BlackRock and Fidelity to their SEC paperwork.
WisdomTree and VanEck ETFs now listed on DTCC amid US SEC approval anticipation.
According to Coingabbar Technical Analysis, Bitcoin has successfully breached key resistance levels at $44,500 and $44,700.
BTC has seen a notable increase of over 6.50%, indicating a potential move towards $48,000.
During the recent trading session, Bitcoin broke through the Ascending channel pattern and has maintained its position above it.
On the hourly chart, BTC is currently trading within the confines of a Bullish Flag pattern, suggesting a positive technical outlook.
The next significant resistance level is identified around $48,700, influenced by the 61.80% Fibonacci retracement level.
The outcome of the BTC ETF decision is poised to play a crucial role in shaping the technical trajectory of the cryptocurrency in the near term.
KEY LEVELS :
RESISTANCE LEVEL : $47,300-$48,000
SUPPORT LEVEL : $46,000-$45,200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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