Bitcoin still has hope from Bitcoin ETF and Halving.

Bitcoin has been on a continuous rise over the past week, despite fake news regarding the approval of a Bitcoin ETF causing Bitcoin's price to surge above $31,000. However, in the end, the price retraced to around $28,400. Nonetheless, investors still hold hope that the SEC will approve a Bitcoin ETF soon.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), talked to Bloomberg about the Bitcoin ETF, saying, "The SEC is still weighing proposals for a Bitcoin ETF, with requests from several companies. We are currently considering 8-10 applications, but we cannot make a decision at this time."

In addition to the discussion of a Bitcoin ETF, Bitcoin's Halving is also garnering attention. During the Swan Pacific Bitcoin conference, there were discussions about the Halving. Halving involves reducing Bitcoin's supply by half. Investors believe that Halving will drive the price up to over $130,000. Furthermore, a successful establishment of a Bitcoin ETF could bring in over $155 million in investments.

Fred Thiel, CEO of Marathon Digital, commented on this Halving, stating, "This Halving may have an impact on Bitcoin's price, potentially pushing it higher, but not significantly. It depends on the trading volume as well. Nevertheless, the reduction in supply is considered a psychological mechanism that may drive Bitcoin's price higher."

Jerome Powell, the Fed Chairman, is another factor to watch as his statements may affect Bitcoin's price. Additionally, the strong U.S. economy and the possibility of a further interest rate policy adjustment could exert pressure on Bitcoin's price.

Although Bitcoin has provided good returns since the beginning of the year, the robust U.S. economy is pushing government bond yields for 10, 20, and 30 years to more interesting levels, with yields standing at 4.97%, 5.29%, and 5.05%, respectively.

Techical analysis data (5H)

Resistance: 28395.6, 28454.3, 28529.6

Support: 28261.6, 28186.3, 28127.6

Source: Investing.com

Buy/Long 1: If the price touches support in the price range of 28186.3 - 28261.6 but cannot break the support at 28261.6, you may set a TP at approximately 28454.3 and SL at around 28127.6 or according to your acceptable risk.

Buy/Long 2: If the price breaks the resistance in the price range of 28395.6 - 28454.3, you may set a TP at approximately 28529.6 and SL at around 28186.3 or according to your acceptable risk.

Sell/Short 1: If the price touches resistance in the price range of 28395.6 - 28454.3 but cannot break the resistance at 28395.6, you may set a TP at approximately 28186.3 and SL at around 28529.6 or according to your acceptable risk.

Sell/Short 2: If the price breaks the support in the price range of 28186.3 - 28261.6, you may set a TP at approximately 28127.6 and SL at around 28454.3 or according to your acceptable risk.