cryptocurrency market may get the long-awaited green light for spot Bitcoin exchange-traded funds (ETFs) today. Over the past few days, fund managers have also applied to take part in the Bitcoin ETF.
Similarly, US SEC officials are holding meetings to ensure that applicants comply with the rules set for listing spot ETFs. As a result, several changes have been made, indicating close approval by the relevant fund managers.
Prepare for the Great Impact Ahead
US SEC’s Ark 21Shares Bitcoin ETF The Jan. 10 deadline for a decision on its application has triggered increased volatility recently. With nearly $1 billion being liquidated from the crypto market in the last few days, many traders have sought refuge in the stablecoin market. Moreover, Bitcoin miners, as well as other investors, are also sending more coins to crypto exchanges, adding to the overall selling pressure. increased.
A Closer Look at Bitcoin Price Action Amid the Spot ETF Frenzy
Today might be the day for a #Bitcoin ETF approval!
NEWS CONTINUES BELOWBig things are happening.
The range remains the same and this is a range for the coming 3-6 months with extremes. I think we’ll hit an high in the $48-51K area and capitulation candle towards $36-38K. pic.twitter.com/kqf6N0sTyc
NEWS CONTINUES BELOW— Michaël van de Poppe (@CryptoMichNL) January 5, 2024
Koinfinans.com As we reported, if the SEC approves the Bitcoin ETF today, the cryptocurrency’s uptrend will continue through the weekend and reach the next psychological resistance level above $50,000.
Bitcoin’s uptrend outlook is technically supported by a daily pennant pattern that often provides a bullish breakout. On the other hand, if the US SEC chooses to temporarily postpone its decision to identify a Bitcoin ETF, Bitcoin bulls will have the $36K to $38K range for significant support.