BTC/USD: News Reports Encourage Bulls to Attack the $44k Level

FXOpen

Optimism associated with the SEC regulator's approval of applications to launch BTC-ETF is the main driver of Bitcoin price growth.

Coindesk reports that representatives from BlackRock, Nasdaq and the Securities and Exchange Commission (SEC) met for the second time in a month to discuss rule changes required for the listing of an exchange-traded BTC-ETF.

And companies like Bitwise and Hashdex have already launched advertising campaigns to attract attention to the BTC-ETF — apparently demonstrating confidence that applications will be approved.

The graph shows that:
→ the price of BTC/USD has recovered after a strong fall on December 11 - this is a sign of the strength of demand in the market. The level of 40,500 served as a reliable support for the recovery, which was tested on November 18th.
→ On December 20, the bulls were able to overcome the level of 43,300, which provided resistance on December 13-14 and 19. This level is now showing signs of support.
→ There is an important obstacle in front of the bulls. It is formed from the $44k level and the upper black line, forming some structure similar to a Gann fan and having a noticeable impact on the price of Bitcoin this month.

The media is increasingly citing January 10 as a possible date by which the SEC's decision, believed to approve the launch of the ETF, will be published. It is possible that as we approach this date, the bulls will be able to overcome the $44k resistance.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin Bitcoin Price Risks Not Staying above $50k Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: CAC 40, AUD, OIL, AMAZON

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. European Stock Markets on

Commodities

Price of Gold Briefly Exceeded $2,050 per Ounce

In addition to new records in the stock markets, the reaction to yesterday's news about inflation in the US was also a decrease in government bond yields and a rapid rise in the price of gold — the cost of XAU/

Indices

Nasdaq-100 Price Hits All-time High after 4 Straight Months of Gains

The Nasdaq-100 index is holding above 18,000 today following yesterday's bullish momentum, fueled by inflation news. The PCE consumer spending index amounted to 0.4% on a monthly basis, which was in line with analysts' expectations. A year ago,

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.