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Bitcoin still yet to test the next big level

The newly approved Bitcoin ETFs can start trading as early as today. The surge in BTC over the past 3 months has all been about a frenzy of optimism that this day would arrive and it has now. The question surely on many punters minds right now; is do I want to buy into an EFT when the horse has already run the race? That means buying into an instrument that has already almost doubled ahead of the SEC approval. Of course this is all about belief and if you think BTC is headed to 100k, or even 200k then sure, why not get involved many would argue. The risks are clear though and whilst this ETF approval might provide more liquidity to the space, it has to be remembered that any ETF is synthetic and will only track the price action of the underlying instrument. Since my last update this morning BTC has lifted a little and it is currently trading back above 46k. The highlighted next really important level at 48,552 is yet to be put to the test and so far each time the price has come close, it has backed off. Perhaps this new regime might demand a closer inspection in the days ahead. We shall see. Bitcoin is currently trading at 46,190

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