The post Why Bitcoin (BTC) Price Surged $47K? Is $50K Next Stop? appeared first on Coinpedia Fintech News
The cryptocurrency market, valued at $1.67 trillion on Monday, experienced a nearly 1% increase within 24 hours. This growth coincides with rising expectations surrounding the approval of several spot Bitcoin ETFs by the SEC, fueling a positive market sentiment.
Bitcoin’s Remarkable Rally and Technical Analysis
Bitcoin’s surge to over $47,000 marks a significant milestone not witnessed since April 2022. This surge aligns with the market’s anticipation of potential ETF advancements. Technical indicators, specifically the 25-day and 50-day Exponential Moving Averages (EMAs), highlight key support levels at $43,130 and $41,391. These levels signal a bullish trend, providing a foundation for Bitcoin’s upward trajectory.
Bitcoin’s current consolidation post a recent drop, along with uncertain Doji candles, hints at a potential rally towards $50K. The increased interest from ma
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