Since December 29, we have seen the price of BTC stuck below $43,000. It has now surpassed this region again. The leading cryptocurrency has been trapped in a narrow range for a long time and now it needs to break free. BTC, which has allowed altcoins enough time to rise, needs to ascend again.
Bitcoin (BTC) and Crypto Commentary
As of the time this article was prepared, BTC surpassed $43,000 and the weakening BTC had been allowing altcoins the chance to rise. A resurgence in BTC market dominance to over 50, perhaps even 55, and a weakening of altcoin rallies are expected. Optimism for ETF approval is about to turn into a reaction to ETH approval news.
Reuters sources mentioned that issuers could be notified about ETF approval on Tuesday or Wednesday. So, if the sources are correct, something should happen within 48 hours, and we should see whether the listing of ETFs next week will trigger a “sell the news” event by looking at the daily volume data of spot Bitcoin ETFs.
So what will happen in the overall cryptocurrency market? As mentioned above, BTC is on the verge of rising with the ETF news and likely the altcoin rallies will weaken. If the expected scenario occurs, BTC should make a new peak above $48,000, and the next phase should be shaped depending on the ETF volume data.
