Forex Analysis & Reviews: 05.01.2024 - Bitcoin is holding up well...

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05.01.2024 06:00 PM

Bitcoin is holding up well against the twists of fate

The cryptocurrency Bitcoin has been trading between $40,746 and $45,256 for over a month. It failed to break the $45,256 level, and before we could even mention that we should expect a drop to the $40,746 level, the pair plummeted and tested it within just an hour. The upward trend in the world's first cryptocurrency is still intact, and at the moment, there are no signs of the upward trend ending. Despite the solid "flights" of the leading cryptocurrency this week, nothing has changed on the market from a technical perspective.

Yesterday, we already mentioned that the recent Bitcoin crash (quickly offset by buyers) was triggered by just one event. Information came in that the U.S. Securities and Exchange Commission (SEC) intends only to approve applications to introduce spot Bitcoin ETFs. Recall that for a long time, "digital gold" had been rising in price based on expectations of the future approval of this new instrument. However, it was announced the day before that Gary Gensler does not support this initiative, considering the regulation of the cryptocurrency sector to be imperfect and posing a risk to financial stability and investors.

Gary Gensler has long been a critic of cryptocurrencies. However, he is not just an outside analyst who criticizes, and that's the end of the story. He is the head of the organization that regulates the cryptocurrency sector. Therefore, a lot depends on him in this industry. It is still being determined whether this refers to a denial of approval for spot Bitcoin ETFs in January (previously, the date of January 10 was mentioned when the SEC was supposed to grant permission to companies that applied) or if it is a complete rejection.

In the second scenario, there is no doubt that new legal disputes will arise between giants like BlackRock and the SEC. And it's still being determined that the SEC will win. Mr. Gensler will currently use all available tools and possibilities to prevent the introduction of a spot Bitcoin instrument. In any case, the case is dragging on, and Bitcoin has remained relatively high. The upward trendline indicates the market's bullish sentiment, and the price cannot even settle below the nearest level of $40,746. Therefore, there is no talk of a correction right now.

In the 24-hour timeframe, Bitcoin rose to the $45,256 level but failed to surpass it and dropped to $40,746, from where it also rebounded. Since there was a bounce from the $40,746 level, the cryptocurrency will rise again to the $45,256 level soon. The price may remain within $40,746 - $45,256 for some time. Rebounds from the boundaries of this range can be considered for opening positions. Consolidation below $40,746 will allow for opening short positions with a target of $34,267.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.