Ethereum

Bitcoin

Spot

<ul>
 <li><strong>The US SEC approved 11 spot Bitcoin ETFs, including BlackRock and Ark Investments.</strong></li>
 <li><strong>The price of Bitcoin (BTC) has surged to $47,647, reaching a two-year high.</strong></li>
</ul>
<p>Today, the global cryptocurrency market displayed green candles as the U.S. Securities and Exchange Commission (SEC) finally <a href="https://thenewscrypto.com/sec-approves-bitcoin-etfs-whats-next-for-btc-and-crypto/" target="_blank" rel="noopener noreferrer nofollow">granted approval</a> for spot Bitcoin exchange-traded funds (ETFs). This long-awaited decision propelled Bitcoin (BTC) to reach a peak of $47,647 earlier in the morning.</p>
<p>Interestingly, Bitcoin had initially spiked to $47,893 on Tuesday following a fake announcement of SEC approval, causing a temporary surge in value. However, the crypto king Bitcoin struggled to break above the $48,000 resistance and faced support around the $45,800 and $45,400 levels. Also, bears remained active near the $46,300 range.</p>
<p>Additionally, Ethereum (ETH), the leading altcoin, surged by more than 9.2% to reach $2,629, marking its <a href="https://thenewscrypto.com/ethereum-whale-scoops-up-11-million-eth-as-price-surge-past-2400/" target="_blank" rel="noopener noreferrer nofollow">highest level</a> in 18 months since May 2022. The next significant development in the crypto market is the potential launch of Ethereum Spot ETFs.</p>
<h3 class="wp-block-heading" id="h-will-bitcoin-btc-reach-48k">Will Bitcoin (BTC) Reach $48K?</h3>
<p>Despite the subsequent correction, Bitcoin managed to maintain a range above the $45,800 support level. At the time of writing, BTC traded at $46,106 with a market cap of $899 billion.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="516" src="https://thenewscrypto.com/wp-content/uploads/2024/01/image-16-1024x516.png" alt="" class="wp-image-89002" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/image-16-1024x516.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/01/image-16-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/01/image-16-768x387.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/01/image-16.png 1301w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin (BTC) Price Chart (TradingView)</em>
  </figcaption>
 </figure>
</div>
<p>According to the 24-hour price analysis, the price of BTC is now trading above the 100 hourly simple moving average. On the upside, the <a href="https://thenewscrypto.com/bitcoin-open-interest-on-cme-group-hits-record-levels/" target="_blank" rel="noopener noreferrer nofollow">immediate resistance</a> lies around the $46,300 level, with the first major resistance at $46,800. A clear breakthrough above $46,800 could potentially drive the price towards the $47,200 resistance and further beyond, with a significant rally at $47,900, which would result in a peak of around $48,600.</p>
<p>However, if Bitcoin fails to surpass the $46,300 resistance zone, it might trigger a fresh decline. Immediate support on the downside is observed near the $45,750 level, followed by more substantial support at $45,500. A breach below $45,450 could instigate bearish momentum, potentially leading the price toward the critical $45,000 support in the near term.&nbsp;</p>

Next Target for BTC as 11 Bitcoin ETFs Approved by SEC

Table of Contents

TheNewsCrypto

Other articles published on Jan 11, 2024

Grayscale Bitcoin Trust is All Set to Launch as an ETF

SEC Approves First Spot Bitcoin ETF Amid Confusing Statements from Chairman

Robot Barista ADAM Impresses at CES 2024

Investors Flock to Dogecoin and Meme Moguls (MGLS) for End-of-Year Crypto Surge

Web3 Fundraising Fell 70% Per Quarter Last Year, Female Startups Receive 6.3%: Bitget

Decred Journal – November 2023

Join our free newsletter for daily crypto updates!