1st January
Bitcoin started the year with strength, an important force that is trying to break the very important resistance level which is around $46,000, which already last year had blocked the bullish phase that took place until December 2023.
The movement that began on January 1st showed 9 hours of rise with three green candles that brought Bitcoin close to the resistance mentioned.
If it breaks this resistance, it has room to reach $52,000.
The movement was certainly a consequence of the news leaks regarding the approval of the BTC Spot ETF which could arrive this week.
Usually these movements anticipate a delicate moment, some Whale will already be aware of the ETF date, therefore prices substantially anticipate the news. This is obviously just a hypothesis based on what has already happened in the past, not an absolute certainty.
What we do know, however, is that the deadline is January 10, the deadline for the SEC's decision on the Ark/21Shares ETF.
In the meantime, there is already a war on commissions between the 14 asset managers in the running for the ETF, Valkyrie indicates a management commission of 0.80%, equal to Ark and 21Shares, while Fidelity goes for 0.39%.
At the same time, crypto exchanges have volumes that exceed 1,100 billion dollars, which hasn't happened since 2022., with Binance still maintaining the largest market share ($432.7 billion), Upbit follows at a great distance (91.8 billion $) and OKX($87.5 billion).
3rd January
Volatility, as we well know, still reigns supreme in the crypto market, so much so that in just a few hours yesterday, Bitcoin fell by 9.2%, going just below the threshold of 41 thousand dollars.
The reasons can be truly endless, but almost all of them are related to ETF Spot. Among these, the Matrixport report certainly had an impact where we read how SEC President Gary Gensler is not embracing cryptocurrencies in the United States, and it is unlikely to expect him to vote in favor of approving the BTC spot ETF.
Furthermore, Gensler's words spoken in December are cited where he believed that current regulatory compliance is not sufficient.
In short, the usual predictable roller coaster in such an important historical moment in such a volatile sector.
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