From Investing.com:

Bitcoin is on the verge of a historic moment, with market sentiment bullish and a potential price surge on the horizon. The upcoming approval of a Bitcoin ETF could catalyze a wick above the all-time high, with market makers stepping back to prime the market for a dramatic move.

Technical analysis shows a poised asset, with strong support levels and resistance being tested, and a potential short squeeze on the horizon. The volume profile suggests significant accumulation in the current range, supporting the idea of a strong foundation for upward movement in Bitcoin’s price.

With the potential for a short squeeze and key resistance levels being tested, Bitcoin’s price could see a significant rally, pushing towards psychological levels of $50,000, $55,000, and $60,000. The Relative Strength Index (RSI) trending in the neutral zone indicates room for growth before the asset becomes technically overbought. The market looks poised for a major breakthrough that could set new standards for cryptocurrency.

The 50-day and 200-day moving averages act as strong support levels, and a convincing break above the current resistance level could signal the start of a significant rally. Once broken, the pathway to higher levels seems clear, with potential interim points of resistance at psychological levels of $50,000, $55,000, and $60,000. If these shorts start to close en masse, a massive rally could ensue, pushing prices higher.



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