Bitcoin Participants Hopeful of ETF Approval
Weekly Chart Analysis
Source: wwww.tradingview.com
Bitcoin is well off its high for the week (red arrow). It reached around $30,000 before pulling back and is currently trading near $28,450. However, the weekly chart does have positive aspects to it.
It green 5-week EMA is above its 10-week EMA (black ellipse), putting the EMAs into bullish mode and the RSI has popped above 50 (green rectangle). If it maintains above 50, there will be an underlying bullish momentum.
Cryptomarket participants remain hopeful that regulators will approve a spot Bitcoin ETF and that it will begin trading relatively soon. The Monday spike was due to a false report that the approval had been given. Whilst the rally was short-lived it does highlight how sensitive Bitcoin is to such an announcement.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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