Dear Readers,

Contrast to all our expectations, irrespective of the BTC Spot ETF approval by SEC, BTC continues to dive down continuously.

The investors and traders are relieved till last week when BTC trades above 40000 USD.

But, for the few days, BTC even came down and trades in the range of 38000-40000 USD. 

At the time of writing this article BTC trades 40090 USD, down of 0.1% from yesterday.

If we consider this as a weekly basis, BTC sheds more than 5.5% in its price.

The fear greed index stands at 50 as of now.

The marketcap of the global crypto market stands at 1.56 Trillion USD, an increase of 0.12% from yesterday.

The BTC technicals are also not an encouraging one as of now

But the encouraging thing is the trading volume of Bitcoin.

In the last 24 hours, the volume of the BTC significantly raised over 60%.

This is because of the perception and hope by the investors that BTC would go up higher.

While we also anticipate the halving process of the BTC which would happen in 2024 and would last long till the first half of 2025.

Interestingly the BTC ETFs volume surges high amidst this volatility times.

While 38000 USD being the strong support for BTC as of now. Failing which BTC can go back to 30000 USD.

In the higher side we can expect BTC to reach 48000 USD, which is considered to be a major resistance. BTC touched this resistance during the BTC ETF approval time and trades lower.

While we witnessed the massive selling of FTX of the BTC Grayscale ETFs, valuing over USD 1 Billion, the World largest EV Car manufacturer Tesla's holdings on BTC remains the same during the last quarter of 2023 and are currently valued at $ 387 million. This we can came to know from their recently published earnings reports on Wednesday. 

Let's watch this important technical level and plan our investments.