#BTC has recently formed quite a few preconditions for further growth, the golden cross attracts the attention of many, but what else is happening with the flagship of the cryptocurrency market and what to expect next?
There has been a wave of positive momentum in the digital asset markets due to speculation that the US Securities and Exchange Commission is on track to approve its first spot Bitcoin ETF.
On the back of this data, BTC is breaking through the 34000 resistance and the upper boundary of the ascending channel. With the price consolidating above this support zone, the next active growth phase will come quite quickly.
Position accumulation is forming at the current level of 34000-35000. The market is still in a positive state as a lot of news and rumors have been forming lately that foreshadow the approval of ETFs this year:
β’ November 2 - SEC, in a closed session, will reconsider Grayscale's application for a spot BTC-ETF (although they recently wanted to put it on hold, but a U.S. court wouldn't allow it)
β’ SEC will approve applications for spot BTC-ETFs by the end of November - Valkyrie's top manager
Support levels: 34000, channel resistance, 32000
Resistance levels: 35250, 1.618 fibo, 37600
I expect the price to consolidate above the support, maybe some more support retests or even false breakdowns, but in the short term I expect a rise to 40600, then to 2.618 fibo