The crypto community finally received the news they have been waiting for, for more than a decade, as the Securities and Exchange Commission (SEC) approved 11 spot BTC ETF applications, including\u00a0BlackRock<\/span><\/a>\u00a0(IBIT), Grayscale (GBTC), and\u00a0Ark Invest<\/span><\/a>\u00a0(ARKB). Although the Bitcoin price reaction has been noticeably lethargic, altcoins led by Ethereum moved significantly, suggesting that investors diversified their approach to minimize the risk of a sell-the-news occurrence.<\/p>\n <\/p>\n According to James Van Straten, a widely followed crypto analyst, IBIT has already been listed and has attracted 370k shares pre-market.<\/p>\n 370,000 volume will get us to the $10M seed for BlackRock $IBIT<\/a> #Bitcoin<\/a> ETF.<\/p>\n $2.5M left@JSeyff<\/a> @EricBalchunas<\/a> pic.twitter.com\/2YiTY47dus<\/a><\/p>\n \u2014 James Van Straten (@jimmyvs24) January 11, 2024<\/a><\/p>\n<\/blockquote>\n However, Bitcoin still gained ground from Wednesday\u2019s support at $45,000 to the current $47,260. Traders would be interested to know whether BTC can make several four-hour candle closes above this level to validate the anticipated breakout above $50,000. Beyond this level, the fear of missing out (FOMO) will contribute immensely to the tailwind, with Bitcoin price likely to break toward the medium-term target of $60,000.<\/p>\n After a 5% increase in the last 24 hours, Bitcoin bulls are working to secure higher support at $47,000 which would allow them to focus on key milestones like reclaiming $48,000 and $50,000 as support levels.<\/p>\n The Moving Average Convergence Divergence (MACD) indicator on the weekly chart reveals that buyers have the reins. Therefore, traders should consider entering long positions in BTC to speculate and ride the ongoing upward momentum.<\/p>\n Based on the outlook from the weekly chart, a successful break above the yellow resistance zone could also catalyze the next leg up. This region coincides with the 38.2% Fibonacci level, making it crucial for the uptrend\u2019s continuation.<\/p>\n <\/p>\n Read also:\u00a0<\/b>Ethereum Price Prediction: Anticipating a $4K Target ETH as ETF Approvals Loom in 2024<\/span><\/a><\/span><\/p>\n\n
Bitcoin Price Price Prediction: Can Bitcoin Potentially Rally To $60k?<\/h2>\n
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