The Bitcoin price jumped sharply higher this week as rumors circulated that the SEC may finally approve a spot Bitcoin exchange-traded fund (ETF). The largest cryptocurrency climbed over 10% in early trading, fueled by speculation that an ETF by iShares may get the green light.
This rapid surge allowed Bitcoin to break through a key resistance level that had been suppressing upward momentum for the past three months. The breakout has BTC poised for a potential move to test the psychological $32,000 zone if bulls can maintain control.
Keypoints
- The Bitcoin price jumped over 10% fueled by fake rumors of SEC approval of a spot Bitcoin ETF by iShares. This broke a resistance level that had suppressed upward momentum for 95 days.
- The bullish breakout sets the Bitcoin price up for a potential 13.5% upswing to test the $32,000 level if momentum is sustained.
- The Bitcoin Fear & Greed Index was at 47%, indicating neutral sentiment before the…
