According to market analyst Jake Wujastyk, the Bitcoin market has shown signs of a possible quick recovery. After a sharp drop to $41,454, the cryptocurrency has made progress towards recovering its lost value.
According to market analyst Jake Wujastyk, the Bitcoin market has shown signs of a possible quick recovery. After a sharp drop to $41,454, the cryptocurrency has made progress towards recovering its lost value.
Wujastyk’s analysis shows a volume gap above the current trading price, indicating that Bitcoin could quickly rise to $43,700.
This optimistic prediction comes amid a tumultuous period for the digital currency, following speculation about the Securities and Exchange Commission’s (SEC) possible rejection of several Bitcoin ETF proposals.
A ray of hope for Bitcoin bulls
Wujastyk’s technical analysis of the Bitcoin market reveals a volume gap indicating a lack of resistance above the current price level.
The volume gap, as seen on the chart, typically means that there was less trading activity in a certain price range. This could lead to faster price movements as Bitcoin attempts to fill the gap.
The candlestick chart shows a mix of red and white candles with a blue line representing the moving average, suggesting a possible pivot point for Bitcoin price on November 22.
The “volume profile” on the right side of the chart illustrates the price levels with the highest traded volume, providing information on possible areas of support and resistance.
Bitcoin reduces previous losses
Despite the previous drop to $41,454, Bitcoin has shown resilience by already trading above $43,000.
Matrixport analyst Markus Thielen expressed skepticism about the approval of these ETFs, arguing that the applications might not meet the SEC’s strict requirements. This led to a double-digit correction.
The current SEC negotiations over Bitcoin ETFs remain a critical factor for market direction, with their potential approval acting as a catalyst for further gains.
As Guru-Investingreported, the SEC is currently in crucial talks with major exchanges like Nasdaq, CBOE, and NYSE to finalize comments on Bitcoin (BTC) spot ETF issuances.