Watch the video: Bitcoin Market Analysis 2024.01.10

BTC Daily Chart:

From the daily chart, yesterday closed with a bearish candle, indicating significant market volatility. The market surged due to news of an approved ETF, rallying to a resistance level at 48200, but later dropped after SEC Chairman confirmed it as fake news, resulting in a quick retracement. Subsequently, Bloomberg analysts released information suggesting that the Bitcoin spot ETF approval will be announced on Thursday morning, around 5-6 am Beijing time. This news halted the market's sharp decline. Recently, market volatility has been driven by speculation around the ETF spot news. It's important to manage risks carefully.

BTC 1-hour Chart:

Looking at the 1-hour chart, we need to pay attention to the Point of Control (POC) around 43930, which was a consolidation area. If the market continues to decline and finds support around this level, it could present a buying opportunity for a potential rebound. Ideally, forming a double bottom structure at this level would be a good entry point. On the upside, key levels to watch are 48800, 50000, and 52800, as mentioned earlier.

In summary, today's market requires close attention to the support around 43930. If the market retraces to this level and finds support, it could be a buying opportunity. Additionally, it's crucial to monitor the ETF approval results tomorrow morning (5-6 am) and respond promptly.

Feel free to discuss any aspects of today's market. Thank you.

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