Crucial point in time for Bitcoin at the moment. During strong bull runs we normally see, sooner or later, corrections, which usually happen when Bitcoin breaks through its 8 weeks simple moving average (on a weekly close) with a pull back to the bull market support bands. After the (fake news) that the Bitcoin Spot ETF will be delayed we actually saw Bitcoin already testing the 8 weeks SMA, but so far has been able to regain it.
SHOULD we see a closing below it, we will very likely see prices between 35,000 and 36,000 USD.
Seems like everything is going to depend on whether or not a Spot Bitcoin ETF will be approved by Jan 10th by the SEC. The question is if this will be a "sell the news" event?
SHOULD we see a closing below it, we will very likely see prices between 35,000 and 36,000 USD.
Seems like everything is going to depend on whether or not a Spot Bitcoin ETF will be approved by Jan 10th by the SEC. The question is if this will be a "sell the news" event?