Bitcoin Price Displays Trend Reversal! Has BTC Price Recorded It’s Top Post ETF Approval?

The market leader, Bitcoin price has displayed a significant price action this week as the price has recorded a new high of over $47,000 following the news of approval of the Bitcoin Spot ETF, indicating a massive bullish sentiment in the crypto space.

However, the BTC price experienced a significant correction of 7.53% during the early trading hours today, resulting in the price erasing all its gains from the previous pump.

The Bitcoin price traded in a narrow space between $42,019 and $42,607 for a while, following which the bulls lost momentum and the price experienced a correction of approximately 5% in its valuation.

After multiple attempts, the bulls regained power and recorded a jump of 8%, following which the price faced rejection at $43,907. The market leader then traded sideways in a closed range between $43,168 and $43,907 for a period.

As the market volatility grew, the price displayed significant volatility in its value, resulting in the price bouncing between $42,019 and $43,907 for over a week.

Following the news of Bitcoin Sport ETF approval, the price recorded a jump of over 6% within a day, after which the price traded in a range between $44,714 and $47,000 for a while.

Recently, the BTC coin price recorded a correction of over 7%, highlighting a possible pump-and-dump situation in the market.

Will BTC Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a sharp negative rise in the histogram, indicating a massive selling pressure in the market. Further, the averages record a significant fall, suggesting the price will continue losing value in the coming time.

If the bulls hold the BTC price above the support level of $42,607, the star crypto will attempt to test its resistance level of $43,907 soon. Moreover, if the market holds the price at that level, it will prepare to test its upper resistance level of $44,714 over the weekend.

Negatively, if the market continues to lose momentum, the Bitcoin price will fall to test its support level of $42,019 soon. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $40,746 during the week ahead.