bullish

Bitcoin ETF

Bitcoin

<p><a href="https://coinpedia.org/news/bitcoin-jumps-to-a-one-month-high-of-65661-while-japan-yen-falls-badly/" rel="noopener noreferrer nofollow">Bitcoin is on the edge</a> of a major move as it tests a key level for the third time since August. According to well-known crypto chart analyst Ali Martinez, this level could signal a significant move for Bitcoin, potentially leading to a bullish breakout. The last time Bitcoin broke through this level, it surged to $70,000. Could we see another massive price jump soon?</p>  
<h2 class="wp-block-heading" id="h-importance-of-200-day-sma">Importance Of 200-Day SMA</h2>  
<p>Bitcoin has seen an impressive surge of over 8.7% in the past week, <a href="https://coinpedia.org/news/institutions-dump-ethereum-for-bitcoin-whats-next-for-crypto/" rel="noopener noreferrer nofollow">following the recent Fed rate cut</a> announcement. This upward momentum has pushed the cryptocurrency to $63k, pushing it within striking distance of the crucial $64k mark of the&nbsp; 200-day Simple Moving Average (SMA).</p>  
<p>The 200-day Simple Moving Average (SMA) is one of the most important indicators used by traders, as it shows the average price over the last 200 days. This line gives a long-term view of the market trend, and when Bitcoin crosses above it, it often hints at an upcoming bullish move.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-approaching-critical-level">Bitcoin Approaching Critical Level</h2>  
<p>Crypto analyst Ali Martinez highlights that Bitcoin is currently testing this critical level, sitting around $63,176, for the third time since August. After several attempts to push through this resistance since August, it has returned to test this level again.</p>  
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<p>Back in October 2023, Bitcoin broke above its 200-day SMA at around $28,000, igniting a massive rally fueled by excitement over a potential spot Bitcoin ETF approval in the U.S. This led to Bitcoin reaching an all-time high of over $70,000 by March.</p>  
<p>Now, similar conditions are in play. With the <a href="https://coinpedia.org/news/blackrocks-ishares-bitcoin-options-now-on-nasdaq-sec-approval/" rel="noopener noreferrer nofollow">recent approval of options trading</a> for BlackRock’s Bitcoin ETF and increasing institutional interest in crypto, many experts believe another breakout is on the horizon.&nbsp;</p>  
<p>Meanwhile, a sustained move above the 200-day SMA could kick off a fresh bull run, pushing Bitcoin back into the $64,000 to $74,000 price range and attracting even more investors into the market.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-liquidations-show-caution">Bitcoin Liquidations Show Caution</h2>  
<p>Bitcoin is currently hovering near its 200-day Moving Average (MA), a crucial level for traders. According to <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">data from CoinGlass</a>, around $16.42 million worth of long positions and $7.12 million in short positions were liquidated in the past 24 hours.&nbsp;</p>  
<p>This shows that traders are treading carefully, with liquidation levels suggesting there is little downward pressure on the market right now.</p>

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