In a notable surge, Bitcoin has pierced through a key Fibonacci resistance level, stirring the market as whispers of a wave of Bitcoin ETF approvals by US SEC enhance investor optimism. The digital currency’s leap forward comes amid speculations that the SEC could, within an eight-day window that started today, green-light up to 12 spot Bitcoin ETF filings. Despite the buzz, the market consensus still eyes January 10 as the likely date for concrete decisions.
Technically, near term outlook will now stay bullish as long as 33373 support holds. Next target is 100% projection of 15452 to 31815 from 24896 at 41259.
For the medium term, the break of 38.2% retracement of 68986 to 15452 at 35902 now opens the door to further rally to 61.8% retracement at 48536. The structure and momentum of the current rise will be monitor to assess whether rise form 15452 is a medium term corrective move, or the start of a long term up trend.
