The crypto markets are buzzing with the possibility of the spot Bitcoin exchange-traded fund seeing the light of the day in January. K33 Research analysts said in a Dec. 19 report that the recent ETF updates about BlackRock and ARK Invest agreeing to a cash-creation setup for their funds signals that an approval is “nailed” for January.

MicroStrategy co-founder Michael Saylor said in an interview with Bloomberg that the approval of the spot Bitcoin ETF “may be the biggest development on Wall Street in 30 years.” The ETF and the Bitcoin halving in April, are expected to lay the stage for “a major bull run for the asset class” in 2024. Continuing the bullish narrative, Grayscale CEO Michael Sonnenshein said in a CNBC interview that the spot Bitcoin ETF will open the market to “about $30 trillion worth of advised wealth.”

Bitcoin dipped below the 20-day exponential moving average ($41,760) on Dec. 18, but the bears could not sustain the lower levels, indicating strong buying on dips. The bulls pushed the price above the downtrend line on Dec. 19, but the bears sold at higher levels. However, renewed buying on Dec. 20 has pushed the price above the immediate resistance at $43,500.

This increases the likelihood of a rally above the 52-week high at $44,700. If that happens, the BTC/USDT pair could surge to $48,000 and eventually to $50,000. Contrarily, if the price turns down sharply from $44,700, it will suggest that the sellers remain active at higher levels. The bears will have to sustain the price below the 20-day EMA to accelerate selling and challenge the solid support at $37,980.

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