Since December 29, Bitcoin (BTC) has been stuck below the $43,000 mark, but it has recently managed to surpass this level. The leading cryptocurrency had been trapped in a narrow range for an extended period and now must break free from this stagnation. This prolonged consolidation has given altcoins ample time to rally, but it’s time for BTC to reclaim its upward momentum.
At the time of the report, BTC had crossed the $43,000 threshold, and its weakening dominance had been allowing altcoins to flourish. There is an expectation that BTC market dominance could rise again, potentially reaching above 50, or even 55, which would likely result in a slowdown of the altcoin rallies. Optimism surrounding an ETF approval appears to be shifting towards a reaction to ETH approval news.
Sources from Reuters suggested that ETF issuers might receive notifications of approval on a Tuesday or Wednesday. If these sources are correct, significant developments could occur within 48 hours, and the listing of ETFs the following week could provide insight into whether a “sell the news” event might be triggered based on the spot Bitcoin ETF’s daily volume data.
The overall crypto market is poised for a potential shift. As mentioned, BTC is on the cusp of a rise due to ETF news, which could weaken the ongoing altcoin rallies. If the expected scenario unfolds, BTC might create a new peak above $48,000, and subsequent market movements will depend on the ETF volume data.