Bitcoin Sparks 2024 with Rally Amid ETF Speculation

[Cheema02]

Hi, Bitcoin kicks off 2024 with a significant surge marking a rise of over 5% and surpassing the $45k barrier amid speculation about the potential approval of a spot Exchange-Traded Fund ETF by the end of the day EOD. The cryptocurrency managed to establish positive momentum, breaching crucial resistance levels at $44k band $44,400, while also trading comfortably above $45k and the 100-hourly Simple Moving Average. A breakout occurred after overcoming the resistance in an ascending channel notably reaching $45,499 forming a new multi-week high before consolidating its gains.


The bullish sentiment hinges largely on circulating rumors of the possible spot ETF approval by EOD. Bitcoin's upward trajectory faces immediate resistance near $45,500, with further hurdles anticipated at $46k and $46,800. Conversely, failure to surpass the resistance zone might trigger a downside correction, finding initial support at $45k and a more substantial barrier near $44.5k. Should the price retreat further, a potential decline toward the $43,500 support level becomes a possibility in the short term. The crypto market remains attentive to developments, especially concerning the speculated ETF approval as Bitcoin charts its course at the beginning of the year. details here