BTC Made a New High in 2024. Has The Bitcoin Bull Run Started?

• Bitcoin trading volume has seen a staggering 100% increase in the past 24 hours.
• Bloomberg Analysts predict a 95% likelihood of Bitcoin ETF approval.

Bitcoin soared past $45,000, reaching heights of $47,000, marking an unprecedented climb since April ’22. This surge is undeniably fueled by growing speculation around a potential Securities and Exchange Commission (SEC) approval of the first spot BTC exchange-traded fund (ETF). Analysts from Bloomberg Intelligence cite a staggering 95% likelihood of approval this week, intensifying market enthusiasm.

Notably, key players like Valkyrie, WisdomTree, BlackRock, Bitwise, and others are engaged in a heated fee war, slashing fees to attract investor attention. The fee reductions, including ARK and 21Shares dropping from 0.8% to 0.25%, have sparked industry-wide competition. It promises lower costs for potential investors.

While awaiting the SEC commissioners’ vote, the decision-making process remains uncertain, potentially involving delegated authority. BlackRock has already initiated its fund by purchasing 227.9 BTC, followed by similar seeding actions by ARK, 21Shares, VanEck, and others. It indicates their readiness pending approval.

However, amid the escalating hype, the SEC cautioned investors against impulsive decisions driven by FOMO. Emphasizing prudent investment choices, it urged careful consideration and directed investors to additional resources. Notably, bitcoin trading volume rose around 100% in the past twenty hours.

Where Are The BTC Bulls Headed?

Analysis Bitcoin’s price movements paint a bullish picture. The 9-day exponential moving average (EMA) is currently positioned below the trading price at $44815. However, the daily relative strength index (RSI) suggests a state crossing overbought condition, standing at 65.

BTC Price Chart, Source: TradingView

If the price manages to climb above the $47000 level, then it will likely climb further to test the $48,400 resistance level. On the other hand, if the price manages to go below the $44,030 level, then it will likely decline further to test the $43,750 support level.