After Spot BTC ETF Approval possibly we will drop around 32k$
BTC Prediction - after Spot BTC ETF Approval possibly we will drop arond 32k$
The accompanying volume is substantial, which corroborates the strength of the bullish movement. A high volume during a breakout is a bullish indicator, signaling a possible continuation of the uptrend.
Prior to this bullish candle, the price action was confined within a range, indicating indecision. The breakout above this range suggests that the price could now find new support at the upper boundary of the previous consolidation area.
30-day Simple Moving Average (SMA) that appears to have been acting as support during the consolidation phase. The SMA will likely continue to act as dynamic support as the price moves higher.
Potential ETF BTC approval is a fundamental event that could be driving the price higher. Market sentiment seems to be optimistic in anticipation of this event, which could have a significant impact on the price if the approval occurs.
Considering the bullish breakout, if the market maintains its optimism and the ETF approval occurs, we could see the price target the 0.5 Fibonacci level at $41,175.16 and possibly extend to the 0.618 level at $40,337.74. If the approval does not happen or the market sentiment shifts, a pullback to test the new support at the previous consolidation range or the 0.382 Fibonacci level at $42,012.57 could occur.
The accompanying volume is substantial, which corroborates the strength of the bullish movement. A high volume during a breakout is a bullish indicator, signaling a possible continuation of the uptrend.
Prior to this bullish candle, the price action was confined within a range, indicating indecision. The breakout above this range suggests that the price could now find new support at the upper boundary of the previous consolidation area.
30-day Simple Moving Average (SMA) that appears to have been acting as support during the consolidation phase. The SMA will likely continue to act as dynamic support as the price moves higher.
Potential ETF BTC approval is a fundamental event that could be driving the price higher. Market sentiment seems to be optimistic in anticipation of this event, which could have a significant impact on the price if the approval occurs.
Considering the bullish breakout, if the market maintains its optimism and the ETF approval occurs, we could see the price target the 0.5 Fibonacci level at $41,175.16 and possibly extend to the 0.618 level at $40,337.74. If the approval does not happen or the market sentiment shifts, a pullback to test the new support at the previous consolidation range or the 0.382 Fibonacci level at $42,012.57 could occur.
