Bitcoin Soars With Fake Spot ETF Approval; Will it Go Back to $48,000 Again?

The post Bitcoin Soars With Fake Spot ETF Approval; Will it Go Back to $48,000 Again? appeared first on Coinpedia Fintech News

After breaking out of a huge symmetrical triangle in a short time frame, the Bitcoin price is closer to piercing through another similar pattern. The BTC price has consolidated along the resistance level of around $44,200 since the beginning of December 2023. Meanwhile, the recent push propelled the price by more than 7%, marking new yearly highs above $46,000 during the previous trading day, attracting some bearish activity. 

However, the price has been facing some bearish interference since the early trading hours, which has halted the bullish trend for a while. Despite the growing momentum and optimism, the technical forecast predicts a diverse price action. Bitcoin has manifested a similar action before, which has resulted in a notable pullback as the bears extracted the profit with the accomplishment of the event. 

Will the Bitcoin price end up squeezing huge profits? Is this a temporary upswing or a pre-determined move to trap the bulls?

The above chart forecasts the token accomplishing the parabolic recovery curve and currently testing the neckline. The rise is fueled by the positive sentiments surrounding the approval of the spot Bitcoin ETF. The levels further dropped as the rounds of the SEC’s account being compromised revolved around the crypto space. However, this decision on the ETF is yet to be produced, hence the possibility of a fine upswing continues to hover over the BTC price.

Besides, the drained volume and volatility raise concern over the impending rally. The sudden rise and drop in prices has raised a dilemma among the market participants. This may cause the BTC price to hover within a narrow region for a while. However, it has to be noted that, even though the decision over the spot Bitcoin ETF comes in favour, the price may not rise above $50,000. Mainly due to this reason, a new resistance is formed at $47,972, and the bulls are locked in here. 

Therefore, only a strong push with a huge volume may lift the price beyond the range, else an extended consolidation below the resistance could be imminent.