Good evening everyone! I share my insights about the current situation surrounding bitcoin (BTC) in this price analysis. I would like to emphasize that my discussions are purely educational and do not contain financial advice. I discuss, among other things, recent events on the market. I have a specific focus on the possible approval of an ETF and its consequences for the bitcoin price.
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The current situation surrounding bitcoin ETFs
Last Wednesday we saw a striking report from Matrix that caused the bitcoin price to drop by as much as 10%. However, it quickly recovered, and now rumors of an ETF approval are circulating. First for the beginning of this week and now possible on Friday. James Sifer, a well-known Bitcoin ETF expert, indicates that the approval will likely take place between January 8 and 10.
The market seems volatile at the moment and there is speculation of a possible 30% drop following the ETF approval. This is due to the fear of a sell the news event, where the price has risen too fast in anticipation of an event. When the moment actually arrives, the price will actually fall.
The bitcoin analysis
In addition to discussing the ETFs, I also have a bitcoin analysis in my video. In my analysis, I look at the current situation in the Bitcoin market and identify different levels of support and resistance.
At the time of the analysis, the market seems very volatile. I identify specific levels such as $37,000 as potential support and $48,000 to $50,000 as post-approval resistance. The price currently appears to be moving within a range, which could lead to interesting trading opportunities. My personal involvement in crypto trading includes strategies for both long and short positions depending on market conditions.
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2024-01-06 19:10:50
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