Bitcoin has recovered in just a few days after a sharp decline due to the SEC's lawsuits against Binance and Coinbase. The price of Bitcoin dropped to $24,756 USD/BTC before quickly rebounding, reaching a new high at $29,257 USD/BTC. This represents an increase of over 18% in just a few days.
According to data from Tradingview, Bitcoin has gained increasing popularity and has captured a larger share of the digital currency market, reaching 50%. This translates to a market capitalization of approximately $1.052 trillion and a daily trading volume of $531.54 billion. The trading volume accounts for over 50% of the entire market.
The main factor contributing to Bitcoin's rapid recovery could be the potential approval of a Bitcoin ETF by the SEC, specifically the filing by Blackrock, a major global investment management company. This could be considered a significant endorsement of the first Bitcoin ETF if approved by the SEC.
The establishment of a Bitcoin ETF would make trading easier and provide a higher level of risk diversification. The benefits of a Bitcoin ETF are not limited to retail investors but could also attract institutional investors who are interested in the digital currency market but face regulatory restrictions.
When comparing the returns over the past 10 years, Bitcoin has shown significantly higher annual returns. Over the course of 10 years, Bitcoin has delivered a return of 73.29% per year. This outperforms major indices such as the S&P 500 and even the Nasdaq 100. Therefore, investing in Bitcoin can be considered a long-term investment strategy. However, it is important to note that this high return comes with a high level of risk.
The news of the establishment of a Bitcoin ETF continues to gain popularity. Additionally, there are reports that Fidelity Investments, a leading asset management firm with $4.5 trillion in assets under management, is seeking permission to provide cryptocurrency services.
Apart from the positive impact of the potential Bitcoin ETF, there are other factors contributing to the market sentiment. The temporary pause in interest rate hikes may weaken the value of the U.S. dollar (DXY). Furthermore, there are news reports regarding the classification of 13 altcoins as securities, which means that these altcoins will be regulated and overseen by the SEC.
Resistance: 29566.6, 29788.3, 30166.6
Support: 28966.6, 28588.3, 28366.6
Source: Investing.com| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 28366.6 | 28588.3 | 28966.6 | 29188.3 | 29566.6 | 29788.3 | 30166.6 |
| Fibonacci | 28588.3 | 28817.5 | 28959.1 | 29188.3 | 29417.5 | 29559.1 | 29788.3 |
| Camarilla | 29180.0 | 29235.0 | 29290.0 | 29188.3 | 29400.0 | 29455.0 | 29510.0 |
| Woodie's | 28445.0 | 28627.5 | 29045.0 | 29227.5 | 29645.0 | 29827.5 | 30245.0 |
| DeMark's | - | - | 29077.5 | 29243.8 | 29677.5 | - | - |
Buy/Long 1: If there is a touch of support in the price range of 28,588.3 - 28,966.6 but unable to break the resistance at 28,966.6, you may consider setting a TP around 29,788.3 and a SL around 28,366.6, or according to your acceptable level of risk.
Buy/Long 2: If you can break the resistance in the price range of 29,566.6 - 29,788.3, you may consider setting a TP around 30,166.6 and a SL around 28,588.3, or according to your acceptable level of risk.
Sell/Short 1: If there is a touch of resistance in the price range of 29,566.6 - 29,788.3 but unable to break the resistance at 29,566.6, you may consider setting a TP around 28,588.3 and a SL around 30,166.6, or according to your acceptable level of risk.
Sell/Short 2: If you can break the support in the price range of 28,588.3 - 28,966.6, you may consider setting a TP around 28,366.6 and a SL around 29,788.3, or according to your acceptable level of risk.
| Name | Value | Action |
| RSI(14) | 84.746 | Overbought |
| STOCH(9,6) | 96.309 | Overbought |
| STOCHRSI(14) | 88.670 | Overbought |
| MACD(12,26) | 765.600 | Buy |
| ADX(14) | 56.517 | Buy |
| Williams %R | -0.948 | Overbought |
| CCI(14) | 140.9008 | Buy |
| ATR(14) | 427.1429 | High Volatility |
| Highs/Lows(14) | 1556.8571 | Buy |
| Ultimate Oscillator | 72.029 | Overbought |
| ROC | 10.291 | Buy |
| Bull/Bear Power(13) | 2515.3800 | Buy |
|
Buy:6 Sell:0 Neutral:0 Summary:Strong Buy |
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