Bitcoin remains stuck inside an ascending triangle pattern, but UNI, NEAR, OP and INJ are showing promise in the short term.
Bitcoin (BTC) has been range-bound in the near term, but it has recorded an impressive run of more than 155% in 2023. The rally has boosted sentiment, with investors expecting the bull run to continue in 2024.
The earliest trigger will be from the decision on the spot Bitcoin exchange-traded fund applications by the United States regulator. Crypto options trading platform Greeks.live said in a recent tweet that options data suggests the markets have priced in the approval of the spot Bitcoin ETF. As a result, the firm believes that the markets may not witness a sharp move.
Irrespective of the short-term reaction to the ETF ruling, the crypto space is in a bull phase as Bitcoin and several major altcoins have been making higher highs and higher lows over the past several weeks. In an uptrend, dips are generally viewed as a buying opportunity.
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