- Bitcoin calm after the storm; bulls hold ground above $3,400.
- Bitcoin ETF Cboe proposal resubmitted as U.S. government shutdown ends.
There calm after the storm on the cryptocurrency market. Bitcoin price not only opened the trading on Friday making declines but also it dived below the vital level at $3,400. However, Bitcoin did not stay down for long after finding a support at $3,375. A correction has been made above $3,400 and BTC/USD is exchanging hands at $3,429.75.
The hope of a Bitcoin exchange-traded fund (ETF) being approved by the United States Securities and Exchange Commission was dealt a blow on January 23 when Cboe pulled its proposal. However, the good news is that the VanEck proposal is back after Cboe resubmitted its proposal as announced by Gabor Gurbacs, VanEck’s director. This also means that the SEC has at least 240 days to either reject or approve the first BTC ETF.
Meanwhile, the technical confluence detector levels show that Bitcoin is sitting comfortably above the 1-hour 100-day Simple Moving Average (SMA). The level is adorned with other support levels like that 23.6% Fib retracement level (daily chart) and the 10-day SMA (15-minutes time range). Slight above the current market value, bulls will encounter resistance at the 1-hour 100-day SMA within the daily Bollinger band middle channel. Moreover, a break above this level will battle with a high concentration of sellers at 4-hour 100-day SMA.
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