The bullish dynamics in recent hours has found equilibrium between the $48,000 and $49,000 levels which reflects strength in the bullish move above $50,000, as this denotes that absorption to let it fall in price is a sign of bullish continuation.
Certainly within the cryptocurrency market there have been interesting moves, as the Bitcoin price is marking what is coming to us in the following weeks, as they have been absorbing purchases which is certainly an attempt to consider that the ETF reaction is very positive.
I am clear that there will be corrective movements but at this point I believe that these movements will probably seek the $48,000 area, this because, if we detail that every time the price approaches that area volume increases.
An interesting fact to understand what is happening with the Bitcoin price action, is that BTC ETFs today reached the milestone of USD 10MM in assets, an extremely important element since it has been speculated that purchases are correlated with mining capacity.
In this sense and according to information disclosed by Ana Pereira of the Cointelegraph portal, "The recently launched spot Bitcoin exchange-traded funds (ETFs) completed their first 20 trading sessions reaching the milestone of USD 10 billion in assets under management (AUM)".
SOURCES CONSULTED
Cointelegraph. Bitcoin ETFs hit $10B milestone just one month after approval. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
