Jake Wujastyk, there are indications that the Bitcoin market may rebound quickly. The cryptocurrency has made progress towards reclaiming its lost value after plunging sharply to $41,454.
According to Wujastyk’s research, there is a volume gap over the current trading price, suggesting that Bitcoin may quickly reach $43,700.
This bullish forecast coincides with a turbulent time for the cryptocurrency due to rumours that the Securities and Exchange Commission (SEC) may reject multiple Bitcoin ETF proposals.
A glimmer of hope for Bitcoin bulls
A volume gap, according to Wujastyk’s technical analysis of the Bitcoin market, suggests that there isn’t much resistance above the present price level.
As can be seen on the chart, the volume gap usually indicates that trade activity was lower in a particular price range. As Bitcoin tries to close the gap, this can cause price fluctuations to occur more quickly.
The moving average is represented by a blue line on the candlestick chart, which indicates a possible turning point for the price of Bitcoin on November 22. The chart displays a blend of red and white candles.
https://x.com/Jake__Wujastyk/status/1742741013846766001?s=20
The price levels with the highest traded volume are depicted in the “volume profile” on the right side of the chart, which offers information about probable support and resistance zones.
Bitcoin pares earlier losses
Even after the first drop to $41,454, Bitcoin has managed to bounce back and is currently trading over $43,000.
Matrixport analyst Markus Thielen voiced doubts on the acceptance of these ETFs, claiming that the applications might not adhere to the SEC’s stringent regulations. A double-digit revision resulted from this.
The direction of the market continues to be significantly influenced by the SEC’s ongoing deliberations on Bitcoin ETFs, with possible approval serving as a spur for more increases.
The SEC is now holding critical discussions with significant exchanges including Nasdaq, CBOE, and NYSE to complete remarks on Bitcoin (BTC) spot ETF issuances, as reported by U.Today.
