Amid the rising sensations of Bitcoin Spot ETF, the bulls drive the BTC price past the $38K mark. With the delay in the HashDex Bitcoin ETF and the Grayscale Ether Futures ETF, investors are eyeing Franklin Templeton’s Bitcoin ETF application with today’s deadline.

Further, the remarkable recovery warns of a breakout fo the overhead milestone at $38K, teasing a breakout after 18 months. Therefore, the Bitcoin price prediction suggests an uptrend to the $40K mark soon.

Source – TradingView

With an evident rising channel in the 1W chart, the price trend of Bitcoin showcases a long-term recovery from the low of $15K. Further, with the ongoing uptrend with the ETF anticipation driving the uptrend, the BTC price teases a bullish break. 

As Bitcoin shoots 5% overnight, the uptrend challenges the overhead resistance and teases a bullish break beyond the $38K mark. Further, the bullish gap increases between the 200W and 50W EMA, and the golden crossover grows intense and may support further recovery. 

Currently, the BTC price trades at $37,470 with an intraday pullback of 1.09% following the overnight hike of 6.50%, forming a bullish Marubozo candle. 

Is BTC Price Ready To Cross $38K?

Source – TradingView

In the 1D chart, the price of Bitcoin continues to form higher high formations, and the recent bullish Marubozo candle engulfs the previous correction. Further, the sharp increase in the trading volume reflects the huge demand supporting the sudden growth. 

Technical indicators:

RSI: The daily RSI line shows a linear trend close to the overbought boundary and sustains the bullish momentum, reflecting an optimistic approach. 

Will Bitcoin Touch Create A New All-Time High Before 2024?

As the Bitcoin spot ETF is just a few days away from reality, the market is filled with overpowering bulls skyrocketing the BTC price. However, the uptrend may struggle to reach a new ATH before the year ends.

Considering the uptrend exceeds the $38,000 mark, the $40,000 is the next milestone for Bitcoin price. Moreover, the breakout rally can cross the $40,000 mark to challenge the next supply zone at $45,000.

Conversely, the BTC price may retest the $35K mark in case of a sudden pullback. 

One thought on “Is BTC Price Ready To Top $40K With ETF Approvals On Horizon?”
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