Bitcoin ETF Approval Spurs Accumulation Amidst the Ongoing Consolidation

Azeez Mustapha


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Bitcoin ETF Approval Spurs Accumulation Amidst the Ongoing ConsolidationThe recent approval of the spot Bitcoin Exchange Traded Fund (ETF) by the Securities and Exchange Commission (SEC) in the United States hasn’t propelled Bitcoin’s (BTC) price as expected. Bitcoin is currently trading near $42,850, experiencing a modest 0.4% upside momentum in the last 24 hours.

Amidst this, crypto signals indicate that a bull run looms for Bitcoin. Moreover, Bitcoin whales are actively accumulating more BTC. According to Glassnode, 73 new whales hold over 1000 BTC, which is a 3.6% increase in just two weeks. Technical analysis suggests the formation of an inverted head and shoulder pattern, potentially leading to a bullish move if the coin closes above $44,000. However, the ongoing consolidation between $40,500 and $44,200 persists, keeping the market in suspense.

Key Bitcoin Levels To Watch – February 7

Bitcoin ETF Approval Spurs Accumulation Amidst the Ongoing ConsolidationThe indication of the Stochastic Oscillator reveals the market’s current state. According to the indication, BTCUSD is likely to experience a short retracement into the Fair Value Gap in the discount zone.
BTCUSD has been consolidating within an ascending triangle since the sell-side liquidity grab at $40150.00. As indicated by the MA Cross, the market’s bullish trend might resume soon.

BTC/USD Key Levels

Resistance Levels: $49100.00, $53327.00, $62300.00 
Support Levels: $38501.00, $31862.00, $26538.00

BTC Metrics

Total Market Capitalization: $1.64T
Bitcoin Market Capitalization: $847B
Bitcoin Volume: $15.3B
Market Rank: #1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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