BTC/USD Analysis: New High of the Year
The bitcoin rate exceeded USD 36,500 per coin for the first time in 2023.
This is fueled by pending approval of Bitcoin ETF applications pending before the SEC. According to the latest information, SEC representatives are in contact with the Grayscale fund, one of those who submitted applications. This increased confidence that applications would be approved. Moreover:
→ applications can be approved all together and then several ETFs will start working simultaneously, making it possible that potentially billions of dollars will be directed to the purchase of bitcoins;
→ this can happen before January 10, 2024.
The creation of ETFs will open up new opportunities for a wide range of investors to easily invest in the main cryptocurrency, while reducing the risks associated with opening an account on a crypto exchange, hacked wallets, or sanctions from regulators.
The BTC/USD chart today shows that the price of bitcoin broke through the USD 36,000 level on an expanding candle, indicating the strength of demand.
How far can the bitcoin rate go up?
Let's consider the situation in 2023, taking into account the periods of supply and demand balances that developed in those zones where the canal lines are located.
→ Period A: Buyers and sellers found equilibrium in the spring below USD 30,000.
→ Period B: Another balance near the median line, but above USD 30,000.
→ Period C: Balance near the bottom line with an average price around USD 27,000.
→ Period D: Another balance near the median line, now around USD 35,000.
If news related to the approval of the ETF heats up the market even more, the next balance may develop near the upper border of the channel — that is, around USD 44,000. Has the bitcoin Santa Rally begun?
On the other hand, if the news turns out to be fake or there are negative comments from the SEC, this may cause the price to roll back to the median line.