- The US SEC approved 11 spot Bitcoin ETFs, including BlackRock and Ark Investments.
- The price of Bitcoin (BTC) has surged to $47,647, reaching a two-year high.
Today, the global cryptocurrency market displayed green candles as the U.S. Securities and Exchange Commission (SEC) finally granted approval for spot Bitcoin exchange-traded funds (ETFs). This long-awaited decision propelled Bitcoin (BTC) to reach a peak of $47,647 earlier in the morning.
Interestingly, Bitcoin had initially spiked to $47,893 on Tuesday following a fake announcement of SEC approval, causing a temporary surge in value. However, the crypto king Bitcoin struggled to break above the $48,000 resistance and faced support around the $45,800 and $45,400 levels. Also, bears remained active near the $46,300 range.
Additionally, Ethereum (ETH), the leading altcoin, surged by more than 9.2% to reach $2,629, marking its highest level in 18 months since May 2022. The next significant development in the crypto market is the potential launch of Ethereum Spot ETFs.
Will Bitcoin (BTC) Reach $48K?
Despite the subsequent correction, Bitcoin managed to maintain a range above the $45,800 support level. At the time of writing, BTC traded at $46,106 with a market cap of $899 billion.
According to the 24-hour price analysis, the price of BTC is now trading above the 100 hourly simple moving average. On the upside, the immediate resistance lies around the $46,300 level, with the first major resistance at $46,800. A clear breakthrough above $46,800 could potentially drive the price towards the $47,200 resistance and further beyond, with a significant rally at $47,900, which would result in a peak of around $48,600.
However, if Bitcoin fails to surpass the $46,300 resistance zone, it might trigger a fresh decline. Immediate support on the downside is observed near the $45,750 level, followed by more substantial support at $45,500. A breach below $45,450 could instigate bearish momentum, potentially leading the price toward the critical $45,000 support in the near term.
