Bitcoin surges to 49000, then collapses over 3% as the SEC approves a ETF backed Bitcoin 'asset'. Setting off a fee war between major funds, including BlackRock, as they begin to cut management fees (and staff) to attract buyers. Timed with market uncertainty, BTC could drop to 29,000

Bitcoin's major price push from 34,000 (October 2023 highs) is partially or wholly to do with, which way you want to look at it, Blackrock the mega money holding company, push to have an SEC approved Bitcoin (BTC) ETF.  The idea behind the BTC ETFs, is to be used on regulated exchanges for fund managers to hedge with as an unregulated, speculative asset, that being Crypto, yet somewhat easier to trade and more transparent than an actual 'coin', at least through a ETF clearing house.  As opposed to the pure speculation of crypto on its own exchanges.  But, at the end of the day the BTC ETF still has to abide by its underlying asset, which is, of course Bitcoin.  And if BTC moves capitulate on the downside, so will the ETF.  Worst, if both the ETF and BTC are short selled in tandem, then you'll have a major BTC crash.

So, is BTC a market bellwether on rampant speculation?  Most probably.  As markets have overconfinantley assumed that the Federal Reserve Bank will start cutting rates in light of FEDWATCH futures, which are at a 73% chance that the Fed will cut in March 2024 at their next meeting, which will be disastrous if they do, considering the extreme uncertainty in geopolitical and sticky energy inflation.

BTC has rallied steadily since BlackRock was pre-approved (October 2023), but not regulatory approved, by the Depository Trust & Clearing Corporation, to be an ETF asset that could be traded on ETF exchanges.  The price of BTC surged over 90% of its value, topping out at 47,600 (Futures), when the BlackRock ETF was approved this month.  Rallying from 20,000 when Silicon Valley Bank and ALL its depositors were bailed out by the Fed and FDIC in March 2023.  And on the Bitcoin/USD (non ETF), the price, after the BlackRock ETF approval rallied to 49,000.  It has since lost over 3% of its value in less than 48 hours.  

Next price support is at 41,295 and then 29,640.

And no, Bitcoin is not a safe haven.

Please refer to the chart above.