Bitcoin price is still highly volatile and could continue witnessing such volatility until the multiple spot BTC ETFs under review are approved by the Securities & Exchange Commission (SEC).
Bitcoin price is showing signs of strength despite the recent surge. The listing of ARK Invest, BlackRock, and Invesco’s spot BTC ETF hints at the target audience for these investment products being the institutional and richer cohort. Thanks to Bitcoin’s 109% year-to-date rally, the optimism has reached a two-year high.
Technical Analysis: Bitcoin price has high targets Bitcoin price is presently trading at $34,603, bouncing off the short-term support level of $33,901 on the 3-day chart. Testing this level as a support floor is necessary for BTC to sustain the uptick it has achieved in the past few weeks and push the cryptocurrency toward the next major barriers. Bitcoin has its eyes set on $36,833, the reclaiming of which is crucial for a rise toward $40,000.
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