Cryptocurrencies outperform at the beginning of a new year. BITCOIN gains over 5% today and jumps above $45,000 mark today. This brings a week-to-date, and also a year-to-date, Bitcoin gain to almost 9%! It isn't clear what triggered the move, but the main story on the cryptocurrency market remains unchanged - spot Bitcoin ETFs.
US SEC is reviewing a number of applications and unconfirmed media reports suggest that the decision to greenlight those applications, and pave the way for spot Bitcoin ETF listing, could come as soon as this week. Reuters report from December 29, 2023, hinted that US regulator may clear some of spot Bitcoin ETFs today or tomorrow, setting the stage for ETF launch on January 10, 2024.
Whether this report is true and greenlight is imminent remains to be seen, but crypto markets have been reacting to any kind of positive news recently, even vague ones. Bitcoin is trading at the highest level since April 2022, painting a daily high just slightly below $46,000 mark. From a technical point of view, the situation is bullish. BITCOIN broke above the upper limit of the $41,000-44,300 trading range and continued to gain afterward. A textbook target of the breakout from the range suggests a possibility of a move to as high as $47,600 area.
Source: xStation5
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