For the first time since late April of 2022, the price of bitcoin has increased above $40,000. With Bitcoin closing the weekend strongly thanks to this historic accomplishment, many are betting that $50,000 is the cryptocurrency’s next reasonable price objective. But a lot of the crypto world is focused on the ETF confirmation dates, which may cause Bitcoin to rise above $50,000.
The euphoric attitude has been ingested by the market, as seen by Bitcoin’s emphatic breakout at $41,000, a resistance level that had previously served as a major obstacle. Looking at the chart, we can see that the price action has not only broken through this level but also marked it as a possible new support zone.
https://x.com/santimentfeed/status/1731448075665969177?s=20
The approval of a Bitcoin ETF, which many investors are focusing on as the primary driver of continuous market expansion, is conspicuously absent from this market rise. It is expected that the approval of a Bitcoin ETF would bring about a new era in institutional investing by giving conventional investors a more secure and regulated way to participate in Bitcoin.
The industry does not depend only on the ETF, even though approval is still pending. Without the assistance of outside triggers, the intrinsic indications point to the beginning of a bullish trend for the cryptocurrency market. The chart’s moving averages exhibit a golden cross, which is a classic technical analysis bullish signal when shorter-term moving averages cross over longer-term ones and also indicates exceptionally strong market momentum.
Although the adoption of a Bitcoin ETF may in fact significantly increase the value of Bitcoin, the state of the market and technical indications point to a strong optimistic emotion. The rising trade volume, the golden cross seen in the moving averages, and Bitcoin’s breakout above $41,000 highlight a market that is gaining traction on its own.
