BTC/USD is trading near the 46,300.00 ratio as of this writing. Traders should check on the price of the speculative asset as they read this article as in insight into potential volatility that has unfolded. Bitcoin received long-sought U.S. government approval from the SEC yesterday which now allows investment firms to offer U.S-based Bitcoin ETFs. BTC/USD traded near a high of 47,884.00 on Tuesday, as a ‘then’ false claim regarding SEC approval for ETF trading of Bitcoin was published, which was later disproved quickly.
However, yesterday’s SEC approval is real and this will change the trading landscape for BTC/USD traders. Likely, ETFs will soon be seen on various trading platforms in the form of CFDs for traders worldwide. It needs to be said that even though Bitcoin has won approval for the ETFs based in the U.S. which will then supposedly buy Bitcoin for their clients, the digital asset remains volatile and risky as an investment and certainly as a speculative wager for day traders.
USD/BTC Bullish Trend and What Happens Next
Having already gone through a publicized ‘approval’ on Tuesday and a run-up in price from nearly 46,750.00 to about 47,884.00 prices in minutes, only to see the price then plummet to around 44,950.00 moments later when the fake tweet on ‘X’ was disavowed, BTC turned in a rather stable trading day yesterday and early today. The calm trading of Bitcoin is relative and it is likely to change.
Approved Bitcoin ETFs will likely begin to be offered to the public on Friday. Price and velocity in BTC/USD are going to be focused on by media and influencers. The amount of noise surrounding Bitcoin will certainly grow. The bullish trend in BTC/USD has been substantial since the middle of October of 2023, when the speculative asset was trading near 27,000.00. What happens next is a good question.
BTC/USD Momentum and Fear of Gravity
- Having already come within sight of the 48,000.00 level earlier this week, some speculators may greedily be dreaming of this value as a coming attraction.
- Traders of BTC/USD need to remain realistic, the price of Bitcoin can still suffer from declines and a one-way bullish trend could prove to be a very dangerous wager, because there are certain to be reversals lower on occasion.
- Risk management remains essential in BTC/USD and short-term volatility is likely to rise in the near term.
Gravity still exists for BTC/USD and its value could move lower if holders of Bitcoin decide to cash out profitable positions as financial institutions begin to get involved with Bitcoin ETFs. The coming days of trading in BTC/USD are going to grab headlines and traders should be careful.
Bitcoin Short-Term Outlook:
Current Resistance: 46,375.00
Current Support: 46,150.0
High Target: 47,200.00
Low Target: 45,540.00
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