Bitcoin price surged above $28,000 as investors embraced news of Ethereum futures exchange-traded funds (ETFs) approvals. The largest cryptocurrency remains bullish, despite the US Securities and Exchange Commission’s decision to delay the verdict on several spot Bitcoin ETFs. Bitcoin whales have increased their exposure to BTC, and if this interest continues, a return to $30,000 is highly likely. However, these gains could also hinder the uptrend if whales start selling for early profits. To maintain the bullish trend, Bitcoin must break above the immediate resistance at $28,400. Technical indicators suggest a potential breakout above $30,000, with the moving average convergence divergence (MACD) preparing to send a buy signal on the weekly chart. The upcoming halving in April 2024 and the possibility of a spot Bitcoin ETF approval could reduce selling pressure, as investors aim for bigger gains in the bull run.
AI Sentiment: Positive