Bitcoin Bulls Turning Euphoric Ahead of ETF Listing? Key Levels to Watch

investing.com:

This week, financial markets are keenly focused on Bitcoin, particularly anticipating the potential launch of the first ETFs based on Bitcoin's spot price.

Intraday observations reveal significant price fluctuations, driven partly by a false post on the SEC's website suggesting approval of initial ETF applications, later revealed as a hacking attack.

Despite this, SEC chief Gary Gensler is cautioning against the risks associated with investments in digital currency-based instruments.

This underscores the importance of prudent and skillful capital management, prioritizing sound decision-making over the allure of quick and substantial profits.

The imminent launch of the Bitcoin ETF has generated widespread speculation about its timing, with CNBC sources suggesting it could occur later today.

While this may prompt an initial surge, caution is advised, as media-driven events can become opportunities for profit-taking and correction by savvy investors.

An eventual correction during the official confirmation could present an opportunity to enter the market at more favorable prices.

Looking ahead, the demand side remains robust in the medium and long term, supported by Bitcoin's upcoming halving (anticipated in the second half of April), the Federal Reserve's monetary easing, and the recent introduction of the Bitcoin ETF.

Increased interest is evident through rising volatility and the entry of new participants into the market. It's noteworthy that, on average, investors are currently in profit, heightening the potential for realization and at least a local rebound.

Navigating the current Bitcoin landscape involves considering potential target levels on the supply side. The initial area of support, historically defending