Cryptocurrencies, and Bitcoin, continue to draw investors' attention and experience volatile price moves. Markets hope for an imminent approval of Bitcoin spot ETF and it is driving gains on the cryptocurrency market. Financial institutions refilled their ETF applications this week with revised fee structure in a hint that approval is getting closer. US Securities and Exchanges Commission has a deadline until tomorrow to announce its decision. Should it be positive, the first Bitcoin spot ETF may start trading as soon as next week. However, traders should be aware of a potential 'sell-the-fact' move after the SEC issues an official approval. Such was the case back in 2017 with the launch of Bitcoin futures trading - cryptocurrencies gained in the run-up to the decision to approve Bitcoin futures and slumped after trading began.
Taking a look at BITCOIN chart at H4 interval, we can see that price jumped above previous local high yesterday and tested $47,000 area - the highest level since the turn of March and April 2022. A small pullback can be observe today. Should bulls regain control and push the price above $47,000 mark, the next level to watch can be found in the $48,450 area, where the textbook range of the upside breakout from an ascending triangle pattern is located.
Source: xStation5
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