Bitcoin: Post-ETF Pullback May Lead to a Gallop Toward $50k - Key Levels to Watch
This week, Bitcoin reached a significant milestone as the spot Bitcoin ETF finally gained approval, a process that took a decade to pay out.
The expectations that had been building up in the second half of 2023 materialized as spot Bitcoin funds began trading yesterday.
Following the realization of spot Bitcoin ETF expectations—a crucial catalyst for the recovery in 2023—Bitcoin experienced notable bullish moves.
While it didn't achieve the anticipated surge, the jump from the $44,000 limit to $47,000 at the beginning of the week was significant, breaking the consolidation phase since December.
Subsequently, upward momentum persisted towards $49,000, with sellers maintaining strength in this region. Despite this, BTC's daily close above $46,000 throughout the week signals persistent demand for the cryptocurrency.
Today's trade could be influential for the direction of Bitcoin in the coming days. The first reports on net flows will be seen for spot Bitcoin ETF products that had a good start with high trading volume yesterday.
The high demand for Bitcoin in the ETF market will continue to be positive for the cryptocurrency price. Apart from this development, global economic data can also be considered as a pressure factor for Bitcoin as it directly affects risky markets.
Although the US inflation numbers, which were higher than expected yesterday, created a situation that led the Fed to keep interest rates higher for longer, the contrary view still dominates the market.
However, breaking this resistance depending on Fed statements in the coming days may negatively affect the risk appetite and this may also be negative for Bitcoin.
On the other hand, after the slowdown in ETF-related activity, market participants will
Read more on investing.com
