The Fidelity Wise Origin Bitcoin Fund (FBTC), iShares Bitcoin Trust (IBIT), and ARK 21Shares Bitcoin ETF

These funds will be under scrutiny this week as Bitcoin’s price approaches a breakout or breakdown. They have remained in a tight range recently, raising the question: is it safe to buy or sell these spot Bitcoin ETFs?

Bitcoin Price Technical Analysis

The IBIT, ARKB, and FBTC funds are directly related to Bitcoin’s price, which influences their action.

• Since November, Bitcoin has been range-bound, hitting a high of $108,277.
• It formed a double-top pattern at this level, with a neckline at $89,200. A double-top is a bearish signal, indicating that buyers are hesitant to push beyond this price.
• Bitcoin is currently below the 50-day moving average at $97,620, with MACD and RSI remaining neutral; RSI is just under 50 and MACD is below zero.
• Bitcoin has created a symmetrical triangle pattern, suggesting a significant price movement is imminent this week, impacting FBTC, IBIT, and ARKB ETFs. A bearish breakout could drive prices down to $89,200, while a rebound could test $108,277.

Potential Catalysts for IBIT, FBTC, and ARKB ETFs

The main catalysts affecting IBIT, FBTC, and ARKB ETFs will be tariff news at the end of the month:
– Donald Trump announced plans for new tariffs on iron and aluminum imports, which could raise inflation due to increased costs for related goods.
– Furthermore, he is considering matching tariffs imposed by other countries, leading to fluctuations in market conditions.
– Such tariffs typically create volatility in Bitcoin and other cryptocurrencies due to inflationary pressures.

The upcoming NVIDIA earnings report could also impact Bitcoin prices, depending on whether guidance meets expectations or not. A disappointing report may negatively influence both NVIDIA stocks and Bitcoin.

Additionally, the recent Bybit hack, where the Lazarus Group stole over $1.4 billion in Ethereum, raises concerns about its repercussions on Bitcoin’s market.

Strategic Bitcoin Reserves announcements from the US may push global interest in Bitcoin. For example, the Czech Republic has shown intentions of purchasing billions of euros worth of Bitcoin shortly.

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