This data has already started pricing in the Bitcoin market looking at the sudden surge in price we got lately. Just today Bitcoin had a tremendous price increase that saw the price smash the strong $31k resistance level drop the price more than 3 times on getting to that level and go as far as touching $33.7k from the $28k price level, making it roughly a six thousand-dollar increase in the price of Bitcoin.
The momentum is back and Volatility has increased hugely.
This are the best time to hold. The reason for the latest price surge is because of bitcoin spot ETF hype. Let us see what would happen, but I think bitcoin is still bullish right now. Only what that is needed is time, United States SEC will approve bitcoin ETF and the price would likely go higher. And according to what dansus021 just posted, the exchange outflow has increased and that only means people are not ready to sell but hold instead.
I am not sure if they are going to end up approving it anytime soon. There was a wrong rumor about Blackrock ETF being accepted but it turned out to be wrong so I doubt that it would be any different on this one as well, I think it is going to be pretty much similar thing yet again. I get that it may feel like maybe it is not the same thing but I think ETF thing is just not anytime soon and the increase has nothing to do with that.
If it was approved then it would be, it is still going up without the ETF which means that there are other reasons. Plus, there has been plenty of good news during the bear run and that means we should be considering that a bit different and could be doing something that could change it long term.