According to market analyst Jake Wujastyk, the Bitcoin market has shown signs of a potential quick recovery. After a sharp decline to $41,454, the cryptocurrency has made strides toward regaining its lost value.
Wujastyk's analysis shows a volume gap above the current trading price, signaling that Bitcoin could climb to $43,700 swiftly.
This optimistic prediction comes amid a tumultuous period for the digital currency, following speculations about the Securities and Exchange Commission (SEC) possibly rejecting several Bitcoin ETF proposals.
A glimmer of hope for Bitcoin bulls
Wujastyk's technical analysis of the Bitcoin market reveals a volume gap indicating a lack of resistance above the current price level.
The volume gap, as seen on the chart, typically signifies that there was less trading activity at a certain price range. This could lead to faster price movements as Bitcoin attempts to fill the gap.
The candlestick chart shows a mixture of red and white candles with a blue line representing the moving average, which suggests a potential pivot point for Bitcoin's price on Nov. 22.
The "volume profile" on the right side of the chart illustrates the price levels with the most traded volume, providing insights into potential support and resistance areas.
Bitcoin pares earlier losses
Despite the earlier plunge to $41,454, Bitcoin has shown resilience by already trading above $43,000.
Markus Thielen, an analyst at Matrixport, expressed skepticism about the approval of these ETFs, arguing that the applications might not meet the SEC's strict requirements. This led to a double-digit correction.
The SEC's current negotiations on Bitcoin ETFs remain a pivotal factor for the market's direction, with potential approval acting as a catalyst for further gains.
As reported by U.Today, the SEC is currently in crucial talks with major exchanges like Nasdaq, CBOE, and NYSE to finalize comments on Bitcoin (BTC) spot ETF issuances.
Mushumir Butt
Gamza Khanzadaev
Tomiwabold Olajide
