Bitcoin Price Prediction as BTC Builds New Support at $34,500 – When is The Next Leg Up?

Posted by By News Room 7 Min Read

Bitcoin

, the pioneering cryptocurrency, remains strong on Thursday morning, comfortably hovering around the $34,000 mark.

The total market cap of all digital currencies has climbed to an impressive $1.27 trillion, reflecting a 1.33% increase over the last 24 hours.

Over the past week, Bitcoin has showcased a formidable rally, registering a 23% spike and currently hovering near $34,700. Two pivotal catalysts underpin this surge: the anticipated nod for a Bitcoin ETF and Bitcoin’s growing appeal as a financial refuge amidst global economic turbulence.

Bitcoin’s resilience and upward trend are drawing the attention of both individual investors and major asset managers, especially in light of the US SEC’s potential endorsement of a Bitcoin ETF.

The prevailing sentiment in the crypto space is decidedly bullish, with the Crypto Fear & Greed Index marking a robust 72.

It’s worth noting that the crypto market is undergoing a significant surge, largely attributed to Bitcoin’s upward momentum and anticipation of the US SEC’s potential approval of a Bitcoin ETF.

Recently, Bitcoin reached $35,200, reflecting an impressive 22% rise over the past week. This uptick in Bitcoin’s value has positively influenced numerous other cryptocurrencies.

The Crypto Fear and Greed Index has reached levels reminiscent of November 2021 when Bitcoin hit its record peak of over $69,000. At present, the index is at 71, suggesting a dominant sense of greed within the crypto market participants.

Importantly, the Crypto Fear and Greed Index acts as a sentiment barometer for crypto investors. The current elevated level indicates prevailing optimism about investing in the crypto market.

Bitwise’s Renewed Bitcoin ETF Effort and Its Potential Impact on the Cryptocurrency Market

Bitwise is making a renewed effort to secure approval for a Bitcoin ETF from the SEC. After their initial proposal was rejected by the SEC in 2019 due to concerns about market manipulation and illicit activities, Bitwise has returned with a revised proposal.

They have been diligent in addressing these concerns and bolstering compliance. Analyst James Seyffart has spotlighted this initiative, noting its alignment with strategies adopted by other ETF contenders.

With a clear intention to introduce a Bitcoin ETF to the market, Bitwise has earmarked the ticker symbol $BITB for the same.

The cryptocurrency community is keenly anticipating the SEC’s verdict, understanding that an approval would not only be a substantial achievement for Bitwise but also a stride towards solidifying cryptocurrency’s standing in Wall Street.

This effort epitomizes the growing initiative to weave cryptocurrencies into mainstream finance, all the while heeding regulatory prudence.

While the immediate impact of Bitwise’s renewed Bitcoin ETF proposal on BTC’s valuation is yet to be ascertained, a favorable decision could potentially enhance investor trust and elevate the price, given the increased market accessibility it would offer.

Bitcoin Price Prediction

The BTC/USD pair is currently priced at $34,200, reflecting the balance of bullish and bearish sentiments. The pivot point for this 4-hour timeframe is at $33,894, with immediate resistance at $35,252, identified by a double top pattern. If bulls maintain control, the next resistances are at $36,099 and $36,977.

Conversely, if bears take over, support might be found at $33,126, the 38.2% Fibonacci level, with further supports at $32,423 and $31,800. The Relative Strength Index (RSI) is at 70, hinting at overbought conditions, while the 50-day Exponential Moving Average (EMA) of $31,608 suggests a short-term bullish trend.

Bitcoin Price Chart – Source: Tradingview

The Double Top pattern near the $35,252 resistance may point to a potential bearish reversal. In summary, the outlook appears bearish below $35,252, but surpassing this level could pave the way for a bullish ascent towards $36,099.

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