Jannat Ara

Bitcoin’s Struggle to Reach $46,000: Bulls Battle Resistance Amidst SEC ETF Anticipation

Bitcoin (BTC) approached the elusive $46,000 mark but fell short by a small margin on Tuesday, experiencing a setback as selling pressure pushed the BTC/USD pair back below $45,000 by the session’s end.

Undeterred, the bulls resumed their push this morning, lifting bitcoin by 30 basis points to $45,095 at the time of writing. However, the $46,000 level presents a formidable challenge, marked by a substantial volume of sell orders evident in the Binance order book.

The potential breakthrough past this resistance hinges on a positive news event, one that could serve as a catalyst for Bitcoin in the near term.

The looming deadline for the US Securities and Exchange Commission (SEC) to decide on a range of spot-bitcoin exchange-traded fund (ETF) applications adds anticipation to the market. Notable entities like Grayscale, BlackRock (NYSE:BLK), Van Eck, and Ark Invest await the SEC’s verdict, with expectations leaning towards approval.

Despite Bitcoin’s remarkable 2023 performance, showcasing around a 160% rise on the BTC/USD pair, concerns of a ‘sell the news’ scenario loom. The cryptocurrency’s significant surge, over 50% in the last six months, suggests a cautious approach post-anticipated ETF approval.

In the Ethereum (ETH) realm, a peak of $2,430 on Tuesday saw a subsequent dip of around 350 basis points, closing the session at approximately $2,350. ETH/USD exhibited a slight recovery this morning, inching up to $2,366.

Among blue-chip altcoins, overnight dips were noticeable, with Solana (SOL) dropping 5.5%, conceding its brief position as the fourth-largest cryptocurrency to Binance’s BNB token. Avalanche (AVAX) also faced a downturn of about 5%, while Cardano (ADA), Dogecoin (DOGE), Ripple (XRP), and Polkadot (DOT) experienced modest single-digit declines.

The global cryptocurrency market capitalization presently stands at $1.73 trillion, with bitcoin dominance hovering around 54.4%.

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