Bitcoin is steadily rising when writing, adding roughly 4% on the last trading day and 8% from September lows. If buyers press on, the coin may break above immediate resistance levels, registering new monthly highs.
The market appears to turn positive as volatility increases and trading volume swells. A firm, high-volume close above $27,500 might trigger more demand.
As it is, aggressive buyers can look to buy dips, expecting more trend continuation. This leg up will likely be catalyzed by fundamental factors, including shifting investor sentiment and the recent approval of an Ethereum complex product by the United States Securities and Exchange Commission (SEC).
Ethereum ETF Goes Live, Will The SEC Say Yes?
The expansion of Bitcoin prices coincided with news that VanEck, an asset manager, will release a complex Ethereum product involving buying Ethereum contracts from the CBoE.
This pushed ETH prices and increased confidence amongst Bitcoin supporters that the SEC might, after all, approve the first spot Bitcoin Exchange-Traded Fund (ETF). The United States seems to be lagging when endorsing this derivative product.
Multiple spot Bitcoin ETFs exist in Europe, Canada, and Latin America. However, with VanEck getting the greenlight, sentiment is shifting, and Bitcoin bulls might spring higher, breaking above $27,500 towards $30,000 or better in sessions ahead.
Lawmakers in the United States have already urged Gary Gensler, the Chairman, to approve a spot Bitcoin ETF “immediately.”
In a letter, they said a “regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent.”
Bitcoin Price Analysis
Bitcoin remains under pressure at spot rates, looking at price action.
The $27,500 resistance is critical and must be broken. However, the upswing on September 28 and the slight rise in participation point to rising demand. Accordingly, traders can look to buy the dip, targeting $30,000.
As it is, conservative traders can wait for a clean close above September highs before committing. If the breakout above September 19 prints out, confirming bulls of August 29, they can load up, targeting August 17 highs at around $28,800 and later $30,000.
Any unexpected sell-off below $26,000 will cancel this preview.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
