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Bitcoin rises above 47k for the first time since April 2022

Yesterday the rebound in Bitcoin extended to above 47k for the first time in 18 months. The further rise has taken the lead coin another step closer to the major Fibonacci correction level that has been highlighted here many times over in the past couple of months. That is at 48,552 and represents a 61.8% correction of the fall from 68,991 to the low at 15,485. The high seen yesterday was set at 47,277. It is below that high now though. The range seen so far today has been covered by 46,280 to 47,178. The driver behind the gains remains as it was yesterday and focused entirely on the prospect of the lead cryptocurrency being granted an ETF licence by the US SEC. I suppose one could argue now; that if such a licence is granted it could be priced in already? Of course that is a live prospect, but what is not a live prospect is the opposite. What if the SEC refuse? Well, I think we can all work that out can we not? So, BTC is riding its luck here and it remains to be seen what the SEC will decide. The decision is expected any time now, but most likely tomorrow. As soon as it becomes known, then I think the price action will probably speak for itself. Bitcoin is currently trading at 46,890

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