Can Bitcoin, Ethereum Bank on Spot ETF Approval to Reverse Downtrend?
As we enter the final quarter of 2023, Bitcoin remains under pressure due to various macroeconomic challenges and uncertainties in national economies.
Similar pressure is affecting Ethereum, but when we compare the performance of ETH to BTC, it becomes evident that ETH continues to lag behind, reaching its lowest point of the year last week.
While Bitcoin did experience a brief recovery trend, reaching $27,400 last week, it faced a downturn following the Fed's decision, persisting in negative territory ever since.
From a technical perspective, the BTC price has returned to a crucial point, corresponding to the 50-day moving average (MA) value. This reaffirms that the MA value serves as a critical resistance level for BTC.
In the present circumstances, Bitcoin has slipped below its intermediate support at $26,500 due to recent selling pressure. It remains within a short-term downward channel that has been observed since July, without crossing the midline.
Consequently, the closest support level to monitor in the current downward trajectory this week is the Fibonacci 0.382 value at $25,500. It's possible that Bitcoin could experience selling, pushing it down to around $24,800.
If the ongoing bearish trend intensifies and the descending channel breaks, Bitcoin could swiftly drop below $22,000, which aligns with Fibonacci 0.618.
While short-term technical indicators suggest the potential for further declines in Bitcoin, a resurgence in demand within the lower band of the channel might enable BTC to reverse its direction upwards.
To shift its negative outlook, Bitcoin must break through the resistance line at around $28,000 with substantial trading volume. The 200-day moving average, situated near the $28,000 mark,
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