Bitcoin ETF

Bitcoin

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Jake Wujastyk, the Bitcoin market has shown <a href="https://twitter.com/Jake__Wujastyk/status/1742741013846766001" rel="noopener noreferrer nofollow">signs</a> of a potential quick recovery. After a sharp decline to $41,454, the cryptocurrency has made strides toward regaining its lost value.&nbsp;
Wujastyk's analysis shows a volume gap above the current trading price, signaling that Bitcoin could climb to $43,700 swiftly.&nbsp;
This optimistic prediction comes amid a tumultuous period for the digital currency, following speculations about the Securities and Exchange Commission (SEC) possibly rejecting several Bitcoin ETF proposals.
<h2 id="a-glimmer-of-hope-for-bitcoin-bulls">A glimmer of hope for Bitcoin bulls</h2>
Wujastyk's technical analysis of the <a href="https://u.today/bitcoin-etf-sec-meets-exchanges-for-final-talks" rel="noopener noreferrer nofollow">Bitcoin</a> market reveals a volume gap indicating a lack of resistance above the current price level.&nbsp;
The volume gap, as seen on the chart, typically signifies that there was less trading activity at a certain price range. This could lead to faster price movements as Bitcoin attempts to fill the gap.&nbsp;
The candlestick chart shows a mixture of red and white candles with a blue line representing the moving average, which suggests a potential pivot point for Bitcoin's price on Nov. 22.&nbsp;
<blockquote>
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Volume gap above. We could move to $43,700 very quickly. <a href="https://twitter.com/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTCUSD</a> <a href="https://t.co/yDjoYCZQEk" rel="noopener noreferrer nofollow">pic.twitter.com/yDjoYCZQEk</a>— Jake Wujastyk (@Jake__Wujastyk) <a href="https://twitter.com/Jake__Wujastyk/status/1742741013846766001?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 4, 2024</a>
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The "volume profile" on the right side of the chart illustrates the price levels with the most traded volume, providing insights into potential support and resistance areas.
<h2 id="bitcoin-pares-earlier-losses">Bitcoin pares earlier losses</h2>
Despite the earlier plunge to $41,454, Bitcoin has shown resilience by already trading above $43,000.&nbsp;
Markus Thielen, an analyst at Matrixport, expressed skepticism about the approval of these ETFs, arguing that the applications might not meet the SEC's strict requirements. This led to a double-digit correction. &nbsp;&nbsp;
The SEC's current negotiations on Bitcoin ETFs remain a pivotal factor for the market's direction, with potential approval acting as a catalyst for further gains.
As <a href="https://u.today/bitcoin-etf-sec-meets-exchanges-for-final-talks" rel="noopener noreferrer nofollow">reported by U.Today</a>, the SEC is currently in crucial talks with major exchanges like Nasdaq, CBOE, and NYSE to finalize comments on Bitcoin (BTC) spot ETF issuances.&nbsp;

Bitcoin (BTC) Price Could Recover Losses Quickly, Trader Predicts

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