Technical analysis by Bruno_TradingFX about Symbol BTC: Buy recommendation (11/4/2023)

BTCUSDT increased sharply, the market was hot Hello everyone! The United States Securities and Exchange Commission (SEC) is currently in the process of approving the first Bitcoin ETF. This has potentially created a surge of interest in the largest cryptocurrency trading products in over a year. According to CoinShares, cryptocurrency funds saw an influx of $326 million in the past week. Based on this data, BTC is surpassing the resistance level of $34,000 and the upper boundary of the ascending channel. With the price consolidating above this support area, the next phase of positive growth is likely to occur quickly. The market remains optimistic as there have been recent news and rumors anticipating ETF approval this year: - On November 2nd, the SEC will review the application for Grayscale's BTC-ETF in a closed-door meeting (despite their recent request to withdraw it, which the US court will not allow). - The SEC is expected to approve the application for a BTC-ETF by the end of November, led by Valkyrie's top manager. In the short term, I anticipate a rise to $37,000 with the breakout from the resistance mentioned above.