Bitcoin’s Price Faces Strong Resistance Post Massive Spike

• The price witnessed a sudden spike and climbed all the way till $35,800 level.
• If the price goes below $33,630 support level, then it will likely test $30,480 level.

Investors are expecting an eventual rise in Bitcoin prices after the anticipated U.S SEC approval of a Bitcoin spot ETF, which is projected to drive more capital.

Meanwhile, during its meeting in November, the Federal Reserve decided to leave interest rates unchanged. The next decision by the central bank might have far-reaching effects on the price of Bitcoin. The direction of BTC price after its massive October surge may rest on the Fed’s next meeting on December 12.

Analysts agree that macroeconomic reasons, rather than the anticipated approval of spot ETFs, were more responsible for Bitcoin’s recent price increase. The spike has been blamed on a number of factors, including the dovish view of the FOMC and a lower-than-anticipated US Treasury supply estimate.

Trading in Red

Sam Bankman-Fried (SBF), the ex-CEO of FTX, was found guilty on all seven counts in his New York trial. The jury found SBF guilty on all charges. SBF’s sentence will be handed down by New York District Judge Lewis Kaplan on March 28, 2024. The market likely reacted negatively to this news with BTC price trading in red.

At the time of writing, BTC is trading at $34,390, down 2.35% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 25.27%. The price witnessed a sudden spike yesterday on November 2 and climbed all the way till $35,800 level. However, it faced strong selling pressure at this level and retraced back to the $34,450 range.

If the price manages to go past $37,400 resistance level then it will likely head towards the $40,000 mark. However, if the price goes below $33,630 support level, then it will likely test the $30,480 level.