Convergence

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The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-displays-trend-reversal-has-btc-price-recorded-its-top-post-etf-approval/">Bitcoin Price Displays Trend Reversal! Has BTC Price Recorded It’s Top Post ETF Approval?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
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 <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">BTC price</a> 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. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/H-xbwoQfE0LQNghNRn58sEIt4LKqcj5cMYoYywpsMWa5REFN7Sx8OmWuFNXLt_98sykLgIxS19qyCNGJ_syMwweZw31mmADOylOdkkGkZZhWV8vPYc5vGfDo4GO9rMqXwdP5P1w7CpOnvpombFrSVx8" alt="Bitcoin Price Analysis">
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 TradingView: BTC/USDT
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</figure> 
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. 
<h2 class="wp-block-heading" id="h-will-btc-price-rise-back-up">Will BTC Price Rise Back Up?</h2> 
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.

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

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