BITCOIN bulls are trying to stabilize above $43000

BTCUSD bulls have managed to push BTC above $43000 ahead of SEC’s possible Bitcoin ETF approval in early 2024.

The long-awaited launch of the world’s first crypto exchange traded fund (ETF) would be the major milestone in the global adoption of cryptocurrencies by retail as well as institutional investors.

A potential influx of funds upon the ETF’s launch may propel the BTC beyond last year’s high of $48199 and even reach the ~$69000 psychological threshold last seen in November 2021.

However, if the expected fund inflows to the ETF do not materialize a “sell the fact” event may force the BTC to unwind recent gains and move below $40000.

Adding to the bullish sentiment, an expected “halving” (a cyclical reduction of the crypto-miners reward) event scheduled for Q2 2024 might turn out to be an additional catalyst for the BTCUSD.

Bitcoin has demonstrated a significant upside following the past 3 halvings in 2012, 2016 and 2020.

However, for the more immediate term, here are some interesting price levels for traders to consider:

• 21-period SMA might offer a potential support at $41872 along with $43000 round number
   
• A consolidation pattern may form in-between $42500-$43500 as investors anticipate further clues on the pending bitcoin ETF approval
   
• RSI is positioned at 62.17, indicating a further upside potential (>70 – overbought; <30 – oversold)