BTC Pulls Back on Friday Profit-Taking

BTC Pulling BackBitcoin price are pulling back from recent YTD highs as we approach the weekend. After topping out ahead of the 37030 level, BTC prices have since shed around 6%. The move comes despite recent weakness in USD and can be attributed to profit taking on the recent bull move which saw BTC breaking out to fresh YTD highs this week. Data from crypto information platform Coinglass shows massive liquidation of longs over the last two days, reflecting a profit taking run ahead of the weekend.ETF Excitement BrewingDespite the current selling, sentiment has turned firmly bullish in BTC recently linked to ongoing speculation around expected BTC ETF approvals. On the back of the recent Grayscale ruling, traders sense that official SEC approval of the first BTC ETF is coming and the news is expected to usher in a new wave of demand.Bullish BTC RisksLooking further ahead, crypto bulls are banking on the upcoming April 2024 halving event to act as a catalyst for major gains. Previous halving events have ushered in bull markets and BTC bulls are hoping for similar action in Q2 next year. Looking ahead, near -term risks look skewed to the upside for the market. Any confirmation of SEC ETC approval should see BTC moving firmly higher near-term.  Technical ViewsBTCThe recent rally in BTC has stalled for now into the 37030 level with price currently pulling back. Momentum studies are weakening quickly, suggesting room for a deeper pullback. Still, while price holds above the 32185 level the focus remains on further upside medium-term and an eventual break above the 37030 level targeting a higher finish to 2023.