Fri, November 15

Bitcoin Price Briefly Recovers After Recent Flash Selloff

BTC Continues to Fall Post ETF Approval. More Decline Expected? Bitcoin News
  • At the time of writing, Bitcoin is trading at $43,260, up 5.40% in the last 24 hours.
  • If the price manages to go above $43,280 level, then it will likely test $43,510 resistance level.

Q4 2023 saw record highs across the board for digital asset markets as institutional investors amplified their bullish positions in preparation for the anticipated approval of a spot Bitcoin ETF in the U.S. 

Increased optimistic mood prompted by several reasons contributing to good on-chain metrics is detailed in a new analysis on cryptocurrency performance from CCData, which was issued for Q4 of last year. 

Ending the year strongly, daily trading volumes increased by 33.9% as additional money entered the markets. With a record high of $659.5 million, the daily trading volume for cryptocurrency products reached a new high since January 2022.

Highly Anticipated Event

On January 10th, the United States SEC must decide whether or not to approve Ark 21 Shares’ application. There are over a dozen petitions still pending approval or rejection by the SEC, and this day is likely seen as the last chance for either.

A surge of filings and ongoing discussions between SEC employees, exchanges, and would-be issuers are few of the many indicators that an approval is likely imminent.

At the time of writing, Bitcoin is trading at $43,260, up 5.40% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 18.25%. The price has briefly rebounded after witnessing a flash selloff yesterday.

Source: CoinMarketCap

If the price manages to go above $43,280 level, then it will likely climb further to test $43,510 resistance level. On the other hand, if the price manages to go below $42,240 then the price will likely decline further to test $41,870 support level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.