Nearly a week after the approval and listing of 11 spot Bitcoin ETFs in the United States, Bitcoin (BTC) price continues to range below the resistance level of around $44,000. The cryptocurrency market has been reacting to a major green light from the United States government.
Furthermore, the idea of sell-the-news has significantly been diluted by the fact that more cash will enter the Bitcoin industry in the coming years. Additionally, the next two years have been described as extremely bullish for the entire crypto market based on the established four-year cycle.
From a technical standpoint, Bitcoin price has gradually been forming a reversal pattern on the weekly time frame, despite the recent golden cross between the weekly 50 and 200 Moving Averages (MA). Notably, Bitcoin price has formed a double top coupled with a bearish divergence on the weekly Relative Strength Index (RSI), a well-known market reversal pattern. According to the weekly auto-fib extension, the next major support level for Bitcoin price is around $36,322.
BTC Price Action
According to a popular crypto analyst alias Captain Faibik on different social media platforms, Bitcoin’s volatility will remain high this year amid a macro bullish outlook. In the short term, the crypto analyst expects Bitcoin price to range between $38k and $45k before rallying towards an all-time high during the third quarter. The bullish expectations are bolstered by the upcoming halving that will slash Bitcoin’s supply by half, and the heightened demand fueled by the approval of spot BTC ETFs in the United States.
