Welcome back,
In today's blog we will discuss about the Bitcoin Spot ETF and It's effect of the market seen in last 48 hours. I was actually away from the blog but I want to say that finally ETF are approved and people of our world ( Crypto World) are proud as being the early adopter and believers.
Now let us come down and talk some facts related to the ETF approval. The current market situation is something which was not expected by anyone, BTC got below 44k even after approval and hitting the 49k close. We will see why is this happening.
You can see the weekly chart for bitcoin below and it includes last two years approximately.
You can see that bitcoin has reached it's resistance and that is the resistance in last 21 months so we can see that it was quite a big resistance. It can hunt for it's all time high as well after breaking the 50k mark but that did not happened. Whales played smartly, very very smartly.
Let me share something that will blow your mind, check out the volume chart for bitcoin below. It too represents for the last 21 month and there you will find what is actually happening within the market since last 1 year and more.
$20-30k price range is that price range of bitcoin when the volume was at peak. Bitcoin volume compared to those time is nothing right now as the chart tellls us and I have taken it from Binance. Surprisingly when bitcoin touched it's all time high we saw similar volume at that time as well. check below!
So there can be two possible scenarios from here, we might be seeing a correction soon in the market. We must keep an eye on Ethereum to know if we might see a alt rally but if ETH dominance is not increased and the same old thing continues then we can see bitcoin rising again.
Too much confused right now to be honest but super interesting situation. I love it as new doors are opening and so called master are now acting like Noobs.
Thank You and happy trading everyone.