At present, prices are rising compared to BTC, as investors are betting that the first batch of US ETFs directly invested in BTC will be approved. The question now is whether once these products are actually approved, it will trigger some profit taking behavior among investors
At present, prices are rising compared to BTC, as investors are betting that the first batch of US ETFs directly invested in BTC will be approved. The question now is whether once these products are actually approved, it will trigger some profit taking behavior among investors.
During this week, the largest digital asset price rose by 16%, breaking through $35000 for the first time since 2022. At the same time, the global G market is experiencing a contraction as US yields rise and the geopolitical situation is complex.
Supporters of digital assets believe that the physical BTCETF planned by companies such as BlackRock will drive the wider application of BTC. However, it is still uncertain when the SEC will approve these products. In addition, mainstream demand has also been affected by the instability of the cryptocurrency market, such as the bankruptcy of the FTX exchange.
Hayden Hughes, co founder of AlphaImpact social trading platform, said, "The market is fully prepared for the approval of BTC physical ETFs, and I anticipate that once approved, there may be P-selling behavior
The technical chart pattern shows that the rebound of BTC is becoming tense, while options trading shows that some speculators believe that BTC may rise to $40000 before the rally stops. At present, the price of Bitcoin has stabilized at around $34000, and the price of BTC has doubled this year, marking the first significant increase since 2022.
Technical tests have shown that the rebound of BTC faces some challenges at a level slightly below $36000, which is determined by the 38.2% Fibonacci retracement of BTC's decline in the year before November 2022.
CiciLu McCalman, founder of consulting firm VennLinkPartners, predicts that if the US physical BTCETF is approved, there may be short-term P sales, but she further points out that these products will have a positive impact on BTC's long-term prospects.
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