Dear Readers,
As anticipated BTC touched 48000 USD and have come down.
At 48000, there was a stiff resistance. As soon as BTC touches 48000 USD, it came lower in the trading curve.
At the time, BTC trades at USD 42718.
The fear greed index lowered currently stands at 58.
At this time, BTC trades with 50 DMA and with a trendline support. It is more likely to get the trendline support for some more days.
Post the SEC approval of BTC Spot ETF approval, it gave a great boost to the market. As the US has approved the BTC ETF approved, the BTC gains an importance recognition that this is an important cum alternative investment instrument and a value asset. Many countries who did not approve BTC as an asset clause, may revisit their decision. And more and more investors would be back to BTC investments, which is a good news.
The more important news is that post BTC ETF approval, BTC dominance has came down which is a good news for ALT coins. Whenever there is a major event in BTC, the BTC dominance would also be hiked. The drop in BTC dominance is a cheerful news for all the ALT coins and there is/will be a pump in ALT coins as well.
Currently, the ALT Season Index is at 78. Once it touches > 75, it is considered as the start of the ALT Season.
Also have a close look at BNB coin ( currently it trades at 317 USD) as the burn of this coin is pending. We can expect a pump on this coin soon. If everything goes good, BNB price may go to 340 USD. There is a resistance for BNB there. If it breaks, it may even go to 400 USD.
It is one of the other important factors that though BTC is trading low, ETH trades firm and has not crashed as much of BTC. Currently ETH trades at USD 2533. The important reason behind that is the pending ETH Spot ETF applications before the SEC. As BTC ETF application is cleared, there was a wide range of expectations in the market that the ETH Spot ETF application would also be cleared as ETH is like BTC only. The nearest deadline of the ETH Spot ETF is of 21 & 25 of Jan 2024 - which is the dates of Blackrock and Fidelity. If the ETH Spot ETFs would be approved on this date, there will be massive move in the ETH also in the crypto market and market is highly anticipating this move also.
Let's watch out all this important updates in the crypto market and plan your investment decisions on this!
