Bitcoin Price Struggles to Break Resistance Despite Spot ETF Approval

BTC maintains steady price above $45,000 support, unable to surpass $48,000 resistance despite spot ETF approval.

Bitcoin price remains below $48K even after the approval of the ETF. Is this a bearish sign?

Bitcoin price has been trading in a range above the $45,000 support level. Despite the recent approval of spot ETFs by the SEC, BTC has failed to climb higher above the $48,000 resistance. Let’s analyze the current situation and explore what lies ahead for the leading cryptocurrency.

Bitcoin Price Upsides Capped

Bitcoin price managed to remain stable above the $45,500 resistance zone. The approval of all 11 spot ETFs by the SEC initially generated some upward momentum, pushing BTC above the $46,500 and $46,600 resistance levels. A major contracting triangle breakout was also observed near $46,550 on the hourly chart of the BTC/USD pair.

However, the bears made a comeback near the $47,350 and $47,800 levels, limiting Bitcoin’s upside potential. The price reached a high around $47,699 but is now showing a few bearish signs.

Bitcoin experienced a minor decline below the $47,000 level, falling below the 23.6% Fibonacci retracement level of the recent increase from the $44,333 swing low to the $47,699 high. Nonetheless, Bitcoin is still trading above $45,600 and the 100-hourly Simple Moving Average.

• ETF Approval Day: Traders and the Media Hold Their Breath
• The SEC Approves Bitcoin ETFs: A New Era for Cryptocurrency Investing Begins 🚀
• Phoenix Group Injects $187 Million into Bitcoin Mining Sector

On the upside, immediate resistance is near the $47,000 level, followed by the major resistance at $47,350. A clear move above $47,350 could potentially send the price towards the $47,800 resistance, with the next major resistance forming around $48,000. Once this resistance is broken with conviction, the price may continue its upward trajectory, targeting the next major resistance at $49,250.

Another Decline in BTC’s Future?

If Bitcoin fails to rise above the $47,350 resistance zone, it may trigger a fresh decline. In this scenario, immediate support on the downside can be found near the $46,550 level. The next major support lies at $46,000 or the 50% Fibonacci retracement level of the recent increase from the $44,333 swing low to the $47,699 high.

Should the price drop past $46,000, it could gain bearish momentum, potentially pushing it towards the $45,150 support in the near term.

Technical indicators:

• Hourly MACD: The MACD is now losing pace in the bullish zone.
• Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.

Major Support Levels: $46,500, followed by $46,000. Major Resistance Levels: $47,000, $47,350, and $47,800.

Tags: #bitcoin #bitcoinprice #btcusd #BTCUSDT #xbtusd

---

Q&A

Q: What is the significance of the SEC approving spot ETFs for Bitcoin? A: The approval of spot ETFs by the SEC is seen as a positive development for Bitcoin as it opens up new avenues for investment and potentially attracts institutional investors. These ETFs provide exposure to the price movements of Bitcoin without requiring investors to directly own and store the cryptocurrency. This can lead to increased liquidity and market participation, potentially driving the price of Bitcoin higher.

Q: Why is Bitcoin struggling to break resistance levels? A: Breaking through resistance levels in the cryptocurrency market can sometimes be challenging due to profit-taking by traders and increased selling pressure. The $47,350 and $47,800 levels have proven to be strong resistance barriers for Bitcoin, attracting bears who are actively defending these levels. Until there is enough buying pressure to overcome these barriers, the price may continue to consolidate or face minor declines.

Q: What are the potential catalysts that could drive Bitcoin’s price higher in the near future? A: Besides further developments in the regulatory landscape, factors such as increased adoption by institutions, positive news regarding Bitcoin’s role in global finance, and favorable market sentiment can serve as catalysts for driving Bitcoin’s price higher. Additionally, any breakthroughs in scalability and widespread acceptance of cryptocurrencies in everyday transactions could create further demand for Bitcoin.

---

As we look ahead, it’s important to remember that the cryptocurrency market is highly volatile, and price movements can be influenced by numerous factors. It’s crucial to conduct thorough research, stay informed, and make well-informed decisions when considering investments in Bitcoin or any other digital assets.

We will continue monitoring the price action and market trends, sharing insights and analysis to provide you with a comprehensive understanding of the cryptocurrency landscape.

If you found this article helpful, don’t hesitate to share it with your friends on social media and ensure they’re up to date with the latest developments in the crypto world.

Stay tuned for more insightful updates!

---

References:

1. Bitcoin Price Plunge Imminent as Bears Protect Key Resistance
2. PancakeSwap to Burn 300 Million CAKE as Whale Moves Coins
3. Bitcoin Adoption Soars: In-Person Vendors Accepting Bitcoin to Triple by 2023
4. Bitcoin Price Rally Could Breach $50,000 This Month: Matrixport
5. BTCUSD on TradingView.com

We will continue to update Blocking; if you have any questions or suggestions, please contact us!