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Bitcoin Bulls Turning Euphoric Ahead of ETF Listing? Key Levels to Watch

Renton Campoy by Renton Campoy
August 13, 2024
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Bitcoin Bulls Turning Euphoric Ahead of ETF Listing? Key Levels to Watch
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SEC may officially approve applications today to allow spot bitcoin ETFs to be traded
Meanwhile, the whales are accumulating Ethereum.
Beware of too much euphoria on Bitcoin ETF news.
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This week, financial markets are keenly focused on Bitcoin, particularly anticipating the potential launch of the first ETFs based on Bitcoin’s spot price.

Intraday observations reveal significant price fluctuations, driven partly by a false post on the SEC’s website suggesting approval of initial ETF applications, later revealed as a hacking attack.

Despite this, SEC chief Gary Gensler is cautioning against the risks associated with investments in digital currency-based instruments.

This underscores the importance of prudent and skillful capital management, prioritizing sound decision-making over the allure of quick and substantial profits.

Are we only hours away from the launch of the Bitcoin ETF?

The imminent launch of the Bitcoin ETF has generated widespread speculation about its timing, with CNBC sources suggesting it could occur later today.

While this may prompt an initial surge, caution is advised, as media-driven events can become opportunities for profit-taking and correction by savvy investors.

An eventual correction during the official confirmation could present an opportunity to enter the market at more favorable prices.

Looking ahead, the demand side remains robust in the medium and long term, supported by Bitcoin’s upcoming halving (anticipated in the second half of April), the Federal Reserve’s monetary easing, and the recent introduction of the Bitcoin ETF.

Increased interest is evident through rising volatility and the entry of new participants into the market. It’s noteworthy that, on average, investors are currently in profit, heightening the potential for realization and at least a local rebound.

How to trade Bitcoin amid increasing euphoria?

Navigating the current Bitcoin landscape involves considering potential target levels on the supply side. The initial area of support, historically defending against deeper declines, centers around the psychological barrier of $40,000 per Bitcoin.

Bitcoin Bulls Turning Euphoric Ahead of ETF Listing? Key Levels to WatchBTC/USD Weekly and 5-Hour Charts

Potential downward movement may face obstacles around the $32,000 mark. Taking a broader perspective, a breakout at $48,000 would redirect the attention of the demand side toward the $58,000 supply zone.

Ethereum getting ready to break out of consolidation

Ethereum is poised for a breakout from its consolidation phase, mirroring the positive momentum in Bitcoin’s value. Notably, major players in the market, known as whales, have amassed approximately $1 billion worth of coins in recent weeks.

On the technical front, Ethereum exhibits a consolidation pattern within the $2,100-$2,400 range, indicating a potential continuation of the upward trend in the current market conditions.

Bitcoin Bulls Turning Euphoric Ahead of ETF Listing? Key Levels to WatchEthereum Weekly and 5-Hour Charts

As with the oldest digital currency, the outlook for Ethereum is positive from the buyers’ side. The next target area in this scenario is the long-term supply zone located in the $3200 price region.

***

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Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counseling or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. As a reminder, any type of asset is evaluated from multiple perspectives and is highly risky, and therefore, any investment decision and the associated risk remains with the investor.

Source: Investing.com

Renton Campoy

Renton Campoy

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