Bitcoin Bulls Awaiting Fresh Catalyst

BTC Rally Pauses for NowBitcoin bulls remain in limbo for now as the leading crypto asset continues to hang out just below recent highs. Excitement and speculation regarding anticipated BTC ETF approval has been keeping Bitcoin prices well supported over recent months, helped by a shift in the market’s Fed expectations. However, on the back of the recent breakout rally last month, it seems that traders are now awaiting a fresh catalyst for a renewed push higher.  Any further news flow regarding expected SEC approval should help drive BTC higher though, while we remain quiet on that front, BTC might well correct further on profit taking for now.Fed in FocusThe latest Fed commentary this week is also acting as a barrier to higher prices for now. Fed’s Kashkari last night signalled that the Fed still likely has more work to do on inflation and warned that it was too early to declare victory. Traders now await a slew of incoming Fed commentary this week, including comments from Fed chairman Powell. Any further hawkish leanings will likely push BTC prices lower still near-term while bulls await concrete signs that a BTC ETF is coming. Over the medium term, the bullish BTC argument looks solid and any pullbacks from here are likely to find demand from longer-term players.Technical ViewsBTCThe rally in BTC which saw price breaking out above the 32185 level has stalled for now into a test of 37030.  With momentum studies weakening, a further correction looks likely. While 32185 and the retest of the broken bull trend line hold, look for further upside to materialise with the broader focus on a break of 37030 targeting 39860.