Bitcoin Price Displays Trend Reversal! Has BTC Price Recorded It’s Top Post ETF Approval?

The post Bitcoin Price Displays Trend Reversal! Has BTC Price Recorded It’s Top Post ETF Approval? appeared first on Coinpedia Fintech News

The market leader, Bitcoin price has displayed a significant price action this week as the price has recorded a new high of over $47,000 following the news of approval of the Bitcoin Spot ETF, indicating a massive bullish sentiment in the crypto space.

However, the BTC price experienced a significant correction of 7.53% during the early trading hours today, resulting in the price erasing all its gains from the previous pump.

The Bitcoin price traded in a narrow space between $42,019 and $42,607 for a while, following which the bulls lost momentum and the price experienced a correction of approximately 5% in its valuation.

TradingView: BTC/USDT

After multiple attempts, the bulls regained power and recorded a jump of 8%, following which the price faced rejection at $43,907. The market leader then traded sideways in a closed range between $43,168 and $43,907 for a period.

As the market volatility grew, the price displayed significant volatility in its value, resulting in the price bouncing between $42,019 and $43,907 for over a week.

Following the news of Bitcoin Sport ETF approval, the price recorded a jump of over 6% within a day, after which the price traded in a range between $44,714 and $47,000 for a while.

Recently, the BTC coin price recorded a correction of over 7%, highlighting a possible pump-and-dump situation in the market.

Will BTC Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a sharp negative rise in the histogram, indicating a massive selling pressure in the market. Further, the averages record a significant fall, suggesting the price will continue losing value in the coming time.

If the bulls hold the BTC price above the support level of $42,607, the star crypto will attempt to test its resistance level of $43,907 soon. Moreover, if the market holds the price at that level, it will prepare to test its upper resistance level of $44,714 over the weekend.

Negatively, if the market continues to lose momentum, the Bitcoin price will fall to test its support level of $42,019 soon. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $40,746 during the week ahead.