The price of Bitcoin surges beyond $38,000 amid ETF anticipation

Bitcoin has exceeded the $38,000 mark for the first time in 17 months, showcasing a substantial 5% increase in the past week. The surge in the cryptocurrency’s value coincides with elevated expectations of the U.S. Securities and Exchange Commission (SEC) potentially granting approval for a spot Bitcoin exchange-traded fund (ETF), a highly anticipated milestone for the crypto community.

Despite facing recent challenges, including the SEC’s postponement of decisions on ETF applications from Hash Dex and Grayscale, Bitcoin has displayed resilience. Market optimism remains intact, as reflected in the ongoing upward movement of Bitcoin’s value.

Investors are closely monitoring the impending deadline for Franklin Templeton’s Bitcoin ETF application today. Simultaneously, other spot ETF filings are scheduled for January 2024 deadlines. Bloomberg Intelligence analysts predict that approvals for these spot ETFs could occur as early as the first week of January 2024, potentially facilitating easier access to Bitcoin for both institutional and retail traders.

BITCOIN TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

Bitcoin is currently trading within an up channel.

Bitcoin is positioned above all Moving Averages (SMA).

The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a positive trend.

Immediate Resistance level: 37382.30

Immediate support level: 36168.19

HOW TO TRADE BITCOIN

After initially experiencing a downward movement, Bitcoin found support and reversed its price trajectory to the upside. Since then, it has been consistently climbing and forming a pattern of higher highs. Currently, Bitcoin is trading in the vicinity of a crucial resistance zone, and a breach of this zone could pave the way for further upward movement.

TRADE SUGGESTION- STOP BUY – 37874.99, TAKE PROFIT AT- 39748.70, SL AT- 36750.77.