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Bitcoin ($BTC) smashed another price ceiling with the king coin crossing the $45k price mark, as the crypto market primed itself for the volatility expected to accompany the Bitcoin ETF decision.
Earlier, BTC had hovered over the $44.5k resistance level but a 10% price increase on the daily timeframe saw Bitcoin flip the level to support. With BTC trading at $46.6k as of the time of writing, the price action showed an increased possibility of Bitcoin hitting the $50k mark in the short to medium term.
BTC leverages positive sentiment around ETF for price gains
The Bitcoin ETF has been the most talked about topic in the crypto space over the past couple of weeks. It is expected to have a significant effect on the prices of Bitcoin, Ethereum, and the rest of the cryptocurrencies.
While the market waits for a positive decision, BTC has continued to take giant strides toward reaching the $50k price. The break of the bearish resistance at $44.5k signaled the growing bullish dominance.
In addition, the on-chart indicators were firmly bullish. On the daily timeframe, the (CMF) Chaikin Money Flow highlighted the large inflow of capital to BTC with a positive reading of +0.22. It is noteworthy to highlight that the CMF has been positive over two months. This shows the consistent capital inflow into Bitcoin.
Likewise, the RSI (Relative Strength Index) remained strongly bullish, as it hovered close to the overbought zone.
Combining the price action and indicators, BTC looks set to reach the significant $50k milestone before the end of this week.
Entry levels - $45k - $46k
Target levels - $48k - $50k
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
