Bitcoin Price Briefly Recovers After Recent Flash Selloff

• At the time of writing, Bitcoin is trading at $43,260, up 5.40% in the last 24 hours.
• If the price manages to go above $43,280 level, then it will likely test $43,510 resistance level.

Q4 2023 saw record highs across the board for digital asset markets as institutional investors amplified their bullish positions in preparation for the anticipated approval of a spot Bitcoin ETF in the U.S. 

Increased optimistic mood prompted by several reasons contributing to good on-chain metrics is detailed in a new analysis on cryptocurrency performance from CCData, which was issued for Q4 of last year. 

Ending the year strongly, daily trading volumes increased by 33.9% as additional money entered the markets. With a record high of $659.5 million, the daily trading volume for cryptocurrency products reached a new high since January 2022.

Highly Anticipated Event

On January 10th, the United States SEC must decide whether or not to approve Ark 21 Shares’ application. There are over a dozen petitions still pending approval or rejection by the SEC, and this day is likely seen as the last chance for either.

A surge of filings and ongoing discussions between SEC employees, exchanges, and would-be issuers are few of the many indicators that an approval is likely imminent.

At the time of writing, Bitcoin is trading at $43,260, up 5.40% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 18.25%. The price has briefly rebounded after witnessing a flash selloff yesterday.

Source: CoinMarketCap

If the price manages to go above $43,280 level, then it will likely climb further to test $43,510 resistance level. On the other hand, if the price manages to go below $42,240 then the price will likely decline further to test $41,870 support level.