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Following a volatile start to the week, Bitcoin has managed to rally across the last few days and is on course to end the week more than 10% higher. On Monday, Bitcoin prices saw explosive movement around a (later retracted) tweet from CoinTelegraph claiming that the BlackRock BTC ETF had been approved by the SEC. Following a sharp initial rally, prices collapsed as the tweet was pulled and an apology was issued.
 

ETF Speculation Keeping BTC Supported

However, the correction lower from those highs found support into lows with speculation over imminent ETF approval keeping sentiment bullish. Through the end of the week, Bitcoin prices have risen again in response to comments made by the Coinbase chief legal office Paul Grewal. Grewal told CNBC that he feels a major crypto ETF approval from the SEC is on the cards following the SEC decision last week not to appeal against the Grayscale court ruling.
 

Grayscale Ruling

A judge ruled that the SEC had no legal basis for refusing Grayscale’s bid to shift its GBTC crypto fund into an ETF. On the back of that ruling, Grewal said he was confident that SEC approval for ETF’s will now be seen. While this narrative remains intact, BTC looks likely to remain supported in the short term.
 

Technical Views

BTC

The rally in BTC off the 24930 lows has seen the market breaking out above the 27415 level. Price is now once again retesting the underside of the broken bull trend line and, with momentum studies bullish, looks likely to retest the 32185-level next. 

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