How has the ETF story impacted Bitcoin worth motion up to now this 12 months?

Bitcoin (BTC/USD) hourly chart

There isn’t a doubt that there was loads of anticipation forward of the approval of Bitcoin ETFs. That has helped the cryptocurrency skyrocket all the best way up from $34,000 on the finish of November to a quick excessive of $49,000 this week.

However wanting on the worth motion above, a lot of the important spikes or drops within the chart are accompanied with a key headline. And they’re all tied to the ETF approval indirectly, together with the hype surrounding the primary day of buying and selling yesterday.

As we calm down, we’re seeing worth revert again right down to when the official approval was introduced by the SEC on late Wednesday. So, what’s subsequent?

It is too early to say that the hype is over, particularly when threat trades are additionally looking at the potential of a turnaround within the worth motion to start out the 12 months. In that lieu, the bond market is the one tying everything together for broader markets. As such, that would additionally lend a serving to hand to Bitcoin to maintain the hype practice going.

As for the cryptocurrency itself, it is all about figuring out the momentum within the flows i.e. the psychological play. For now, merchants are nonetheless making an attempt to maintain driving that ETF momentum. Nonetheless, there are robust arguments for why the aftermath will find yourself being a sell the fact trade.