Bitcoin Eyes Breaking Above $44K Mark as Bulls in Control

• At the time of writing, Bitcoin is trading at $43,652, up 0.10% in the last 24 hours.
• If the price manages to go above $44,211 then it will likely test the $45,900 level.

The cryptocurrency market is now experiencing an upswing due to the upcoming halving and the anticipation of a spot Bitcoin ETF. Surprisingly, Bitcoin has emerged unscathed from its 2022 slump, adding almost $530 billion to its market valuation with a 160% increase in value this year.

There has been a resurgence of interest in the cryptocurrency market as a whole, and Bitcoin in particular, thanks to this surprise rebound. The biggest asset manager in the world, BlackRock, has made some major changes to its S-1 filing with the SEC concerning the Bitcoin spot ETF.

The updated S-1 filing shows that $10 million has been put aside as seed money for the spot Bitcoin ETF by BlackRock. Nevertheless, this does not mean that the launch will happen immediately.

Arthur Hayes issued a stern warning to the cryptocurrency community, saying that the Bitcoin as a whole might be in jeopardy if the U.S. SEC approves a spot Bitcoin ETF. The distinctiveness of Bitcoin, according to Hayes, is in the fact that it is a moving money asset.

Consolidation Phase

At the time of writing, Bitcoin is trading at $43,652, up 0.10% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 33.27%. The price has been consolidating lately, waiting to break out in either direction.

Source: CoinMarketCap

If the price manages to go above $44,211 then it will likely surge further to test the $45,900 resistance level. However, if the price goes below $43,380 level, then it will likely test $42,750 support level.