“Despite the initial ETF euphoria vanishing from market sentiment Bitcoin has held up rather well considering the $15,000 in gains that were largely fueled by its implications.

Bitcoin experienced 2 hour-long pumps that were followed by immediate crashes to $45,600 over the past week days. Both occurred following approval of the multiple spot Bitcoin ETFs, with decision deadlines set for January 10th.

With all eyes keenly focused on the U.S. Securities Exchange Commission awaiting on word of many Bitcoins’ spot ETF’s approval, the SEC’s official X (formerly Twitter) account posted that all the ETF’s up for consideration were approved. This news took the price of Bitcoin swiftly higher, gaining 2.37% in the five minutes immediately following the posting.

While almost every outlet covering cryptocurrencies has pointed to a possible “later than expected approval” of a spot Bitcoin ETF as the cause for the flash crash that enveloped the entire crypto sector today, I feel there is more to the story.

Many analysts have been asking, “Can Solana reach $100 before the New Year?”. As I stated a month ago, I think that Solana will surely be the Ethereum of 2024. $100 will just be a pit stop on the path to the moon as it continues to garner developers and investors from retail and institutions alike. 

Bitcoin had its first real price decline in nearly three weeks, and while not fully formed, the weekly candle nearly erased all of last week’s gains at its low of $40,181. On December 10th BTC exhibited a flash crash followed by a partial recovery.

Bitcoin has had one hell of a week, month, and year when you consider that Bitcoin began 2023 at around $16,600. This puts BTC’s gains so far in 2023 at $28,000 or 170%. Today’s high matches up with a 38.2% Fibonacci retracement from the 2020 March lows to the all-time record high.

Bitcoin traded higher this weekend as well as on Monday, up over 7.6% in that period. This created this first weekly gap in the CME’s Bitcoin futures’ chart since January, when pricing topped $20,000 for the first time in 2023. This gap to the upside occurs at the highest price point of any bullish gap on the weekly CME futures’ chart in history and brought BTC futures above $42,000.