Bitcoin

Shiba Inu

Spot

James

Divergence

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45.png" class="attachment-full size-full wp-post-image" alt="Bitcoin price chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45.png 2710w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
The crypto community is certain that the Securities and Exchange Commission (<a href="https://coingape.com/sec-chair-gary-gensler-to-get-more-letters-on-etf-blunder-today/?utm_source=24hrsupdateall" rel="noopener noreferrer nofollow">SEC</a>) will finally approve multiple&nbsp;<a href="https://coingape.com/bitcoin-etf-will-sec-brief-press-on-decision-after-market-close/?utm_source=24hrsupdateall" rel="noopener noreferrer nofollow">spot Bitcoin exchange funds (ETFs)</a>&nbsp;in the US before the end of the day. However, this optimism has not been enough to stop prices from wobbling.
Bitcoin price shot up in a wick to $48,000 on Tuesday following fake ETF approval news. However, the gains accrued from Monday were wiped out as investors reacted on realizing the ETF nod was a result of a hacking event into the SEC’s X account.
Despite the correction, BTC price has managed to uphold support at $45,000, suggesting that a sell-the-news narrative could fail to materialize. Amid the speculation and uncertainty, the breakout could go either way to $50,000 or $40,000.
This analysis seeks to dissect the state of Bitcoin ahead of the ETF and whether investors should prepare for more bleeding or a substantial breakout.
<h2 class="p2" id="bitcoin-price-prediction-btc-at-crossroads-as-etf-finish-line-approaches">Bitcoin Price Prediction: BTC At Crossroads As ETF Finish Line Approaches</h2>
Investors and analysts are anxiously waiting for communication from the SEC over the spot BTC ETF with trading expected to start a few days later. Michaël van de Poppe is among the many experts confident that the decision will be made before the end of the day based on this week’s developments including key updates and refillings by applicants.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Apparently, we're close to an approval of the ETF given the recent data.
 Trading is going live in a few days on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> spot ETF.
 Big news!
 Note: might be fake. <a href="https://t.co/gmiYuUbSsO" rel="noopener noreferrer nofollow">pic.twitter.com/gmiYuUbSsO</a>
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1745123814055280888?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Meanwhile, the four-hour chart points to immediate support — one highlighted by the 20 Exponential Moving Average (EMA) (in blue) at $45,570. If respected,&nbsp;<a href="https://coingape.com/bitcoin-etf-impact-on-the-btc-price-is-reducing-fast-traders-deleverage/?utm_source=24hrsupdatebitcoin" rel="noopener noreferrer nofollow">Bitcoin price</a>&nbsp;would be suitably positioned to move higher, attracting more speculators and thus may gain momentum.
Read also:&nbsp;<a href="https://coingape.com/markets/top-altcoins-to-buy-today-january-10-can-eth-op-snx-explode-on-spot-etf-approval/" rel="noopener noreferrer nofollow">Top Altcoins To Buy January 10: Can ETH, OP, SNX Explode on Spot BTC ETF Approval?</a>
<figure id="attachment_173319" aria-describedby="caption-attachment-173319" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-173319" src="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45.png" alt="Bitcoin price chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45.png 2710w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-10_20-59-45-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-173319" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure>
Although the Moving Average Convergence Divergence (MACD) indicator dons a slightly bearish outlook on the four-hour timeframe, it has a positive signal on the daily and weekly time frames. This implies that traders should mirror the potential breakout through a long-term outlook before trading on short-term ranges to avoid falling into traps.
Investors transferred more than $2 billion worth of BTC to exchanges based on blockchain data shared by James Van Straten, a leading crypto analyst. This marked the fourth-highest BTC inflow in two years.
Intriguingly, holders still managed to take home $1.3 billion in profit against $750 million in loss. If the transfers to exchanges persist, a sell-off could thaw and materialize following the ETF approval.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Yesterday, over $2B worth of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> got sent to exchanges from STHs.
 That's the fourth-highest amount in two years.
 $1.3B profit vs $750M in loss (Suspicious, considering yesterday was flat to negative)
 Luna selling by this cohort was $2.3B for comparison. <a href="https://t.co/31nmHjUhgJ" rel="noopener noreferrer nofollow">pic.twitter.com/31nmHjUhgJ</a>
 — James Van Straten (@jimmyvs24) <a href="https://twitter.com/jimmyvs24/status/1745042611583275519?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
For now, Bitcoin is bullish despite the cloud of uncertainties due to the ETF news. Some people see the event as a sell-the-news affair while others believe it could blast BTC price to $48,000 at the very least with projections going as high as $51,000 in the near term.
<h3 class="p2" id="related-articles">Related Articles</h3>
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 <li class="p3"><a href="https://coingape.com/markets/bonk-price-prediction-as-pattern-hints-end-correction-0-000025/" rel="noopener noreferrer nofollow">Bonk Price Prediction As Chart Pattern Hints End of Correction, Is $0.000025 Within Reach?</a>&nbsp;</li>
 <li class="p3"><a href="https://coingape.com/markets/shiba-inu-price-drawdown-continues-ahead-of-spot-btc-etf-buying-or-selling-the-news" rel="noopener noreferrer nofollow">Shiba Inu Price Drawdown Continues Ahead of Spot BTC ETF, Buying or Selling The News?</a></li>
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The post <a href="https://coingape.com/markets/bitcoin-price-as-investors-prepare-to-sell-the-news-post-btc-etf-approval-bullish-or-bearish-signal/" rel="noopener noreferrer nofollow">Bitcoin Price As Investors Prepare To Sell The News Post BTC ETF Approval, Bullish Or Bearish Signal?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price As Investors Prepare To Sell The News Post BTC ETF Approval, Bullish Or Bearish Signal?

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