BTC/USD: News Reports Encourage Bulls to Attack the $44k Level

Optimism associated with the SEC regulator’s approval of applications to launch BTC-ETF is the main driver of Bitcoin price growth.

Coindesk reports that representatives from BlackRock, Nasdaq and the Securities and Exchange Commission (SEC) met for the second time in a month to discuss rule changes required for the listing of an exchange-traded BTC-ETF.

And companies like Bitwise and Hashdex have already launched advertising campaigns to attract attention to the BTC-ETF — apparently demonstrating confidence that applications will be approved.

The graph shows that:
→ the price of BTC/USD has recovered after a strong fall on December 11 – this is a sign of the strength of demand in the market. The level of 40,500 served as a reliable support for the recovery, which was tested on November 18th.
→ On December 20, the bulls were able to overcome the level of 43,300, which provided resistance on December 13-14 and 19. This level is now showing signs of support.
→ There is an important obstacle in front of the bulls. It is formed from the $44k level and the upper black line, forming some structure similar to a Gann fan and having a noticeable impact on the price of Bitcoin this month.

The media is increasingly citing January 10 as a possible date by which the SEC’s decision, believed to approve the launch of the ETF, will be published. It is possible that as we approach this date, the bulls will be able to overcome the $44k resistance.