Several rumors circulating that spot ETF approval is possible by the end of this week. The price is gaining pace on this rumor and has touched the $45,800 level. There was also a break above a key ascending channel with resistance near $44,500 on the hourly chart of the BTC/USD pair.
The first major resistance is $46,000. A close above the $46,000 level could send the price further higher. The next major hurdle sits at $46,800. Any more gains above the $46,800 level could open the doors for a move toward the $48,000 level.
The next major support is nearly $44,800. If there is a move below $44,800, there is a risk of more losses. In the stated case, the price could drop toward the $43,500 support in the near term. As of now, at the time of writing this article, BTC is trading at $45,400 with a market capitalization of $890 Billion and has gained 6.5% in the last 24 hours.