The coin rallied despite the delay in the approvals of Hashdex’s and Grayscale’s spot ETF applications
Bitcoin saw another solid rally during the previous session to climb back to the $38,000 barrier that capped the ascent last week. The BTCUSD pair advanced towards $37,950 before retreating partially on Thursday as the bullish momentum has waned after a spike in buying activity. So far, the coin holds above the $37,200 zone that represents the immediate significant support at this stage.
The bullish sentiment persists in the cryptocurrency market amid anticipation of a spot BTC ETF approval by US SEC. Interestingly, the rally took place despite the delay in the approvals of Hashdex’s and Grayscale’s spot ETF applications. The deadline on these applications was November 17, but the Commission extended the window. The rest of the filings are expected to be approved in the first week of the coming year.
The largest crypto asset by market capitalization continues to target the $38,000 level last seen in May 2022. A decisive break above this barrier would pave the way towards the $40,000 figure, followed by the $43,000 figure. In the coming weeks, bitcoin could retain the upside bias as spot BTC ETF approval will remain in the market focus. The upcoming halving could add to the buying interest as well.
In the near term, BTCUSD needs to hold above the $36,500 zone that could trigger more intense profit-taking if the rally continues to wane. After a potential retreat, however, the digital currency is likely to attract renewed demand that would push the price back to the mentioned highs. For now, the $37,000 mark is in the market focus as bitcoin’s ability to hold above this support zone would add to the current bullishness in the market.