Bitcoin showed minimal activity in the early hours of Friday as it continues to face the challenge of clearing the crucial $47,500 mark.
- In the trading session on Friday, Bitcoin showed a back-and-forth movement, indicating uncertainty in the market.
- The $47,500 level is a major resistance, as it has already been breached.
- The main question now is whether Bitcoin can go higher, but later in the day, it looks like we are starting to see selling pressure, albeit short-term in nature I think.
The launch of the Bitcoin ETF, although highly anticipated, did not generate much enthusiasm in the market. This lack of excitement is reasonable given the rapid gains of 80% achieved in just two months. Ultimately, markets cannot go straight up forever, despite the fact that many Bitcoin supporters believe so. We don’t have any real use for Bitcoin yet, but it’s clear that a lot of money will flow into the market.
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Right now, potential pullbacks are the focal points for those seeking to capitalize on Bitcoin’s value. Overall sentiment remains bullish. However, a quick look at the weekly chart reveals the importance of the $47,500 level as a previous resistance point. A certain degree of fatigue in the market is expected. Below this level, there are the 20-day moving average, the 50-day moving average, and the $40,000 level, all of which are poised to offer support. Bitcoin must either consolidate and look for a catalyst for an upward breakout or pull back, attracting investors wanting to fuel its rise. This phase can be described as a period of adjustment following the news of the imminent arrival of ETFs, which have already been factored into the prices.
However, it is important to acknowledge that selling Bitcoin in the near future is not wise due to its inherent strength. Instead, the wise approach is to view the market as one that is poised for an eventual breakout. Investors must seize the opportunities presented by any declines. Only if Bitcoin falls below the $35,000 level should there be concerns about a major sell-off. Because of this, I think this is a market that continues to attract a lot of interest as excitement around new ETFs continues to reach a fever pitch, and of course a lot of people will be looking to take advantage of any value that is offered. The market is up 80% in the last few months, so we will likely see a little bit of hesitation, but it is clearly in a very bullish state.
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