Bitcoin Breaks Above $44K Threshold Amidst Bulls Domination

• At the time of writing, Bitcoin is trading at $44,111, up 2.18% in the last 24 hours.
• If the price manages to climb above $44,610 then it will likely test $47,900.

Investors are waiting impatiently for the U.S SEC’s decision on spot Bitcoin ETFs as the clock ticks down to their expected approval. Many are keeping their fingers crossed for a satisfactory resolution before the deadline, which would have far-reaching consequences for Bitcoin and the cryptocurrency market overall.

Michael Saylor, executive chairman of MicroStrategy, advised on Tuesday’s Bloomberg TV that the markets should not undervalue the impending spot Bitcoin ETFs. During the interview Saylor boldly said that this would be the “biggest development on Wall Street” over the last 30 years.

Saylor elaborated on the significance of a spot Bitcoin ETF, stressing that its introduction would provide a conduit for both institutional and individual investors.

Investors Optimistic

Everyone is waiting for the announcement of the launch of a spot Bitcoin ETF, which is likely slated to be made in under three weeks from now. The permission might come at the market closing on January 5th or somewhere between January 8th and 10th, 2024, according to several industry analysts.

At the time of writing, Bitcoin is trading at $44,111, up 2.18% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 40.97%. The price found support at $40,600 level on December 18 and started a fresh rally upwards.

Source: CoinMarketCap

If the price manages to climb above $44,610 then it will likely start a fresh rally towards $47,900 resistance level. On the other hand, if the price manages to go below $43,320 level, then it will likely decline further to test $42,590 support level.