The Bitcoin price regains momentum as market confidence towards the approval of Spot Bitcoin ETFs continues to grow. On January 8th, the U.S. Securities and Exchange Commission (SEC) rapidly reviewed and provided feedback to several companies proposing spot Bitcoin exchange-traded funds (ETFs), just hours after these firms submitted their fee structure documents. This quick response underscores the SEC’s active role in the review process of cryptocurrency ETFs.

Thus, the BTC price surged to $47355 for the first time since March 2022, reclaiming crucial resistance that paves the way for further growth.

Channel Patten Breakout Hints Prolonged Recovery

Bitcoin Fear & Greed Index at 76% reflects ‘Greed’ among market participants towards this asset.
The BTC price breakout from the channel pattern signals a quick 11% surge ahead
The intraday trading volume in Bitcoin is $37.3 Billion, indicating a 30% gain.
Bitcoin Price| TradingView Chart

Amid the recent uncertainty in the crypto market, the leading cryptocurrency Bitcoin traveled a shallow recovery for over a month under the influence of a channel pattern. The two trendlines limited the price movement in a confined range offering dynamic resistance and support.

However, on January 8th, the Bitcoin price witnessed a significant inflow in line with the progress on Spot Bitcoin ETF approval. Thus, the coin value surged 6.73% and breached the channel pattern on the upside to reach a $47335 high.

As the BTC price soared past $46,000, the on-chain analytics firm IntoTheBlock reported a significant achievement: over 90% of Bitcoin addresses are now in profit. This development reflects a strong boost in investor confidence and suggests a decreased likelihood of Bitcoin holders selling their assets due to fear.

Bitcoin In/Out of the Money| IntotheBlock

Moreover, In a recent interview with CNBC on January 8th, Jay Clayton, a former chairman of the U.S. Securities and Exchange Commission (SEC), expressed his conviction that the approval of a spot Bitcoin ETF in the United States is ‘inevitable’. 

By the press time, the Bitcoin price trades at $46817 with an intraday loss of 0.47% trying to sustain above the breached trendline of the channel pattern

Is BTC Price Heading to $60000?

While the rising channel pattern typically indicates a trend towards correction, there are exceptional scenarios where a breakout above its upper trend line can signal a stronger bullish trend for the asset. If the coin price manages to hold its position above the breached trendline near $46350, the buyers will obtain suitable support to prolong the recovery trend. With sustained buying the post-breakout rally, could surge the BTC price to $52150, followed by the $60000 psychological mark.

Average Directional Index: The ADX value at a surprisingly low value of 15% hints the last correction will revive the buyer’s strength for further growth.
Exponential Moving Average: In case of occasional pullback, the BTC price can find suitable support at 20 and 50-day EMA slopes.

Related Articles:

Breaking: WisdomTree, VanEck Spot Bitcoin ETF Tickers Listed On DTCC
Spot Bitcoin ETF: Unveiling Potential Premiums & Regulatory Woes Post Approval
BTC Price Jumps Past $47,000 As VanEck Seeds Its Bitcoin ETF With $72 Million

The post Bitcoin Price Above $46000 Brings 90% Addresses in Profit, Is $60k Next Target? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am