Bitcoin Price Prediction: As BTC held by Bitcoin Spot ETF funder managers becomes public, the pre-sale of this Bitcoin derivative is going on in a big way.

adminJanuary 25, 2024

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Bitcoin price has surged 3.8% in the last 24 hours. Traded for $39,875 As of 6:05 a.m. EST, trading volume was up 6.7% to $31.8 billion.

This sharp rise in price and trading activity comes as the status of new ETF managers’ Bitcoin holdings becomes more clear.

BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) lead the way, each accumulating over 30,000 BTC. This brings its assets under management to over $1 billion.

Excluding Grayscale’s converted GBTC fund, new ETF holdings reached a whopping 109,221 BTC as of January 23. Currently, total holdings of Bitcoin ETFs in the United States exceed 638,900 BTC, amounting to approximately $26.8 billion.

Since the launch of the ETF, Bitcoin price performance has been relatively limited. It seems the market is still trying to digest this new information and figure out what it means.

Bitcoin price rebounds with falling wedge pattern

Bitcoin price chart analysis. Source: Tradingview.com — BTCUSD chart analysis. Source: Tradingview.com

The price of Bitcoin has been trending downward for several weeks now, wiping out some of the bullish gains made by the end of the fourth quarter of 2023.

However, the bears appear to have faced a support level hurdle after the bulls found a quick support level and then price quickly bounced higher within the falling wedge pattern.

Despite the Bulls’ stellar run, the 50 and 200 simple moving averages (SMAs) on the 4-hour chart still present hurdles for the Bulls to overcome.

The Relative Strength Index (RSI) indicates a rebound from the 30 oversold area and a surge towards the 50 midline level at 42.

Bitcoin Price Prediction: Can Bulls Sustain Bully Rally?

A falling wedge pattern could give Bitcoin bullish investors some strength to overcome the $44,690 resistance, which could confirm a bullish rally in the coming weeks.

However, if the downtrend continues to put pressure on the price, the price could fall to $35,690. This support level represents another potential double bottom pattern that traders typically use as a signal of a bullish trend reversal, hoping for a recovery to the previous high of $49,102.

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