Bitcoin Surges Above Resistance as Market Anticipates BTC ETF Approval

The Bitcoin Breakout

Bitcoin (BTC) has easily surged above the $31,000 to $32,400 resistance zone, surprising many market participants. Typically, the price consolidates or hesitates near stiff overhead resistance levels. However, this time, the price broke out and soared above the resistance zone.

Market Participants Bullish on Bitcoin ETF Approval

Market participants are bullish as they anticipate the approval of a Bitcoin spot exchange-traded fund (ETF). Bloomberg ETF analyst Eric Balchunas stated that the listing of BlackRock's spot Bitcoin ETF on the Depository Trust & Clearing Corporation (DTCC) was a positive sign for the ETF's approval. However, a DTCC spokesperson clarified that the listing does not signal regulatory approval.

Bullish Expectations for Bitcoin Prices

Analysts expect Bitcoin prices to surge after the approval of a spot Bitcoin ETF. Galaxy Digital research associate Charles Yu predicts a 74.1% rally in Bitcoin's price in the first year after a US ETF is launched.

Altcoins and Bitcoin's Strength

As Bitcoin's price shows strength, many wonder how altcoins will behave. Let's analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin Price Analysis

Bitcoin's price skyrocketed above the $31,000 to $32,400 resistance zone, indicating a resumption of the uptrend. The sharp rally has pushed the relative strength index (RSI) into the overbought territory. The important support levels to watch are $32,400 and $31,000. If the price turns up from this zone, the bulls will aim for $40,000. A fall below $31,000 could indicate a bull trap.

Ether Price Analysis

Ether's range has resolved to the upside, with a break above $1,746. The important level to watch is $1,746. If bulls hold this level during the retest, the ETH/USDT pair may jump above $1,855 and rally to $1,900 and $2,000. However, a fall below $1,746 could extend consolidation.

BNB Price Analysis

BNB rallied above $223 but failed to clear the hurdle at $235. If sellers pull the price below $223, the BNB/USDT pair may swing between $203 and $235. However, if the price turns up from $223, it suggests buying on dips and improves the chances of a rally to $250 and $265.

XRP Price Analysis

XRP broke above the $0.41 to $0.56 range but faced selling pressure. If the price reaches the moving averages, it may remain in the range for a few more days. A break above $0.56 could indicate a new up-move, with targets at $0.66 and $0.71.

Solana Price Analysis

Solana reached its pattern target of $32.81 and may witness a minor correction or consolidation. If the price slips below $29.50, it could tumble to $27.12, where strong buying is expected.

Cardano Price Analysis

Cardano jumped above $0.28 but faced selling at higher levels. The tough battle near $0.28 may keep the pair inside the $0.24 to $0.28 range. However, a rebound above $0.30 could start a new up-move toward $0.32 and $0.38.

Dogecoin Price Analysis

Dogecoin's rally faced selling at $0.07, but if the pair does not give up much ground, it suggests the bulls are in control. A break above $0.07 could lead to a surge to $0.08. However, a drop below $0.06 could favor the bears.

Toncoin Price Analysis

Toncoin turned down from $2.26, indicating resistance at $2.31. A rebound off the moving averages would suggest a break above $2.31, while a drop below the moving averages could lead to consolidation between $1.89 and $2.31.

Chainlink Price Analysis

Chainlink broke out of a multi-month consolidation and has continued its journey higher. The pattern target is $13.50, and a break above it could lead to $15. A fall below $9.50 could trigger a minor correction or consolidation.

Polygon Price Analysis

Polygon surged above $0.60, signaling a potential trend change. If the price stays above $0.60, it could rise to $0.70 and $0.80. However, a break below $0.60 could trap aggressive bulls and result in a drop to the moving averages.

Note: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.