Bitcoin price has started gaining momentum, as the BTC ETF approval seems imminent now. As per reports from Fox Business News, Blackrock's ishares BTC ETF application with major applicants such as Fidelity, Franklin Templeton, Ark Invest's and others seems to get approval on this Wednesday and the trading could get started as soon as Friday. These reports have sparked BTC's price last night, taking a massive jump of over 6% from $44,900 to $47,200.
There was a break above a key contracting triangle with resistance near $45,300 on the hourly chart of the BTC/USD pair. The bulls pumped the price to a new multi-day high at $47,200 and the price is now consolidating gains. The first major support level is $47,500. A clear move above the $47,500 resistance could send the price toward the $48,000 or even higher.
If BTC fails to rise above the $47,500 resistance zone, we can witness a fresh decline. Also, BTC has seen a "Golden Cross" for the first time in its history with the 50-week MA crossing over the 200-week MA, which is a very bullish indicator for investors. Apart from this, Giants including Blackrock, VanEck and others have just updated their Bitcoin ETF S-1 documents for approval.
As of now, at the time of writing this article, BTC is trading at around $46,700 and has gained 4.5% in the last 24 hours and has a market capitalization of $915 Billion.