- Bitcoin bulls are in action as the price surpasses $43,000 in trading.
- Google lifts its crypto-related ad ban after nearly six years.
Tech Giant Google has decided to lift its ban on cryptocurrency-related advertisements after five years, opening up its extensive advertising network to specific offerings, including the newly introduced spot Bitcoin ETFs. This marks a notable shift from Google’s stance in March 2018, when it and Facebook banned crypto-related ads to counter the rising number of scams associated with the sector.
Google’s policy update, effective from January 29, allows U.S. advertisers to promote cryptocurrency coin trusts on its platform, emphasizing compliance with local legislation. Advertisements must adhere to the legal requirements of their targeted locations. Such as in South Africa, where warnings about potential fund losses are mandated for crypto asset ads.
This move is expected to significantly impact the recently launched Bitcoin ETFs, bringing more awareness and visibility to these funds. BlackRock and VanEck have already taken advantage of this policy update. And it is anticipated that other firms will follow suit to enhance visibility for their latest investment products.
In response to the positive sentiment generated by Google’s decision, Bitcoin experienced a 3% surge in the past 24 hours. It reached above $43,731 after nearly three weeks. The trading volume also increased notably, surging by 35% to reach $22 billion.
What Can BTC Holders Expect?
Despite the bullish trend reflected in the daily chart, crypto analysts remain cautious with the 9-day exponential moving average (EMA) positioned below the trading price at $42,134. The daily relative strength index (RSI) suggests a neutral condition, standing at 56.
Experts suggest that for the Bitcoin rally to sustain, the price must climb above $44,610, potentially triggering a fresh rally toward the $47,900 resistance level. Conversely, a drop below the $41,500 level could lead to further declines, testing the $38,587 support level.
Crypto analysts emphasize historical patterns, suggesting that Bitcoin cycles tend to revisit critical support levels, with some predicting a retracement to $30,000 before resuming an upward trend. The market remains cautiously optimistic, watching closely for signals of a sustained bullish momentum.
