BTC/USDT ~ Weekly Overview

The recent price movements of Bitcoin have been heavily influenced by anticipation surrounding the approval of its ETF by the SEC. At the beginning of the year, the cryptocurrency showed promising upward momentum.


However, things took a sharp turn when Matrixport's research report suggested that the SEC would likely reject all ETF proposals this month, leading to a sudden wave of panic-driven selling.


BTC dipped below a critical support level at the 0.236 Fibonacci retracement level but managed to avoid a further plunge below the $42,000 mark. While it did stage a modest recovery, it now faces strong resistance at the 0.618 Fibonacci level.


On the optimistic side, James Seyffart, a Bloomberg analyst, confidently asserts that the Bitcoin Spot ETF stands a remarkable 95% chance of receiving approval on January 10. Such a development could reignite a positive market sentiment.


In summary, current sentiment appears to be favoring bullish investors, with BTC having gained 3.50% over the past week. Key resistance levels to watch for Bitcoin are at $44,000 and $46,000, while crucial support levels are situated at $43,000 and $41,000.