Firstly, to reiterate what I wrote after the decision: the sideways movement in the market following the actual acceptance of ETF applications seems quite amusing. Here, look at the market’s reaction:
And for comparison, Bitcoin’s behavior after yesterday’s fake news:
Interestingly, Bitcoin was around the same level at about 46300 both before the fake news and during the actual approval. However, it reached 48000 following the fake news, while after the real approval, it briefly peaked at 47700.
This decision, as the market behavior indicates, was fully priced in before it was made. Essentially, there was no notable reaction. However, it’s very important to note that there was no ‘sell the news’ effect either. In my view, this stability in behavior is a very good indicator, suggesting more medium- to long-term thinking among market participants.
Moreover, over the last few hours, there has been good buying activity, meaning the accumulation continues:
$4,615,105 $BTC LONGED @$46151.06 [11/01/24 07:20:11] bybit | $BTCUSDT
$3,142,725 $BTC LONGED @$46115.51 [11/01/24 07:15:48] bybit | $BTCUSDT
$4,604,705 $BTC LONGED @$46047.05 [11/01/24 07:08:28] bybit | $BTCUSDT
and so on.
The chart also currently looks quite confident. We saw a dip towards the 45000 level, but there were confident buybacks observed there.
In summary, for Bitcoin, I think we can expect a continuation of the upward trend and steady growth. The main focus and activity should be expected from altcoins, primarily from the top 20, as the hype around ETH and XRP ETFs will only intensify, and some funds may begin to shift from Bitcoin to these altcoins.
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