Tue, 12/12/2023 – 08:50
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Bitcoin (BTC) has been on a correction path for some days now, with no signs of stopping. The bearish engulfment of the market suggests that traders are still torn apart on whether or not to resume buying or to keep trading. At the time of writing, Bitcoin is changing hands for $41,523.41, down by 1.88% in the past 24 hours. For the week, the top asset has dropped by 0.53%, dropping as low as $40,234.58.
Despite the gloom on the market, the latest post from top analyst Ali Martinez suggests that there is no reason to panic yet. This is because, according to him, the price of BTC has found solid support between $37,150 and $38,360. At this level, a total of 1.52 million addresses bought 534,000 BTC and thus formed a solid wall that might shield the top coin.
Should the bulls decide to chart another bullish path for Bitcoin, Martinez also shared two major resistance walls to beware of. These are the points at $43,850 and $46,400. These levels, Martinez believes, are poised to keep the BTC uptrend at bay.
Bitcoin (BTC) price triggers remain
Despite the ongoing bearish trends, the price of Bitcoin still has the key fundamentals that drove it from a one-year low of $16,398.14 to a high price of $44,702. This ultimate trigger is the Bitcoin spot Exchange Traded Fund (ETF) sentiment.
Investors in the U.S. are optimistic that the Securities and Exchange Commission (SEC) will soon greenlight this product after about 10 years since the first application was filed by the Winklevoss twins.
With the next approval window coming in January, optimism is high, and investors are likely driving the price to a reasonable discount before a rush is experienced should the product eventually be approved by the regulator and trigger a massive buying storm.