- The SEC may officially approve applications today to enable spot Bitcoin ETF trading
- Meanwhile, whales are accumulating Ethereum.
- Beware of getting too excited about the Bitcoin ETF news.
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This week, financial markets are focusing heavily on , particularly the possible launch of the first ETFs based on the spot price of Bitcoin.
Intraday observations reveal significant price fluctuations, in part due to a false post on the SEC's website that suggested approval of initial ETF applications and was later revealed to be a hacker attack.
Nevertheless, SEC chief Gary Gensler warns about the risks associated with investing in digital currency instruments.
This highlights the importance of prudent and skillful capital management, prioritizing informed decisions over the lure of quick and significant profits.
Are we just hours away from the Bitcoin ETF launch?
The impending launch of the Bitcoin ETF has led to widespread speculation about its timing, with CNBC sources suggesting it could come later in the day.
Although this may result in an initial rise, caution is advised as media-related events can become opportunities for profit-taking and corrections by astute investors.
A possible correction during the official confirmation could provide an opportunity to enter the market at cheaper prices.
Looking forward, the demand side remains robust in the medium and long term, supported by the upcoming Bitcoin halving (expected in the second half of April), the Federal Reserve's monetary easing and the recent launch of the Bitcoin ETF.
The increased interest is reflected in the increasing volatility and the entry of new market participants. What is noteworthy is that investors are currently making profits on average, increasing the potential for realization and at least a local recovery.
How can you trade Bitcoin despite increasing euphoria?
To navigate the current Bitcoin landscape, potential target levels on the supply side must be considered. The initial support area, which has historically fended off sharper declines, is centered around the psychological barrier of $40,000 per Bitcoin.
BTC/USD weekly and 5-hour charts
A possible downward move could face obstacles around the $32,000 level. From a broader perspective, a breakout of $48,000 would draw demand side attention to the $58,000 supply zone.
Ethereum is preparing to break out of consolidation
is poised for a breakout from its consolidation phase, reflecting the positive momentum in Bitcoin value. Notably, large market participants, known as whales, have accumulated about $1 billion worth of coins in the past few weeks.
Technically, Ethereum is showing a consolidation pattern in the $2,100-$2,400 range, indicating a possible continuation of the uptrend under the current market conditions.
Ethereum weekly and 5 hour charts
As with the oldest digital currency, the outlook for Ethereum is positive from the buying side. The next target area in this scenario is the long-term supply zone in the $3200 price area.
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Disclaimer: This article is for informational purposes only; It does not constitute a solicitation, offer, advice or recommendation to invest and is not intended to in any way incentivize the purchase of any assets. As a reminder, each type of asset is valued from multiple perspectives and is extremely risky. Therefore, every investment decision and the associated risk remains with the investor.
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