BTC → A bull market only increases interest
Updated
BTCUSD has recently formed quite a few preconditions for further growth, the golden cross attracts the attention of many, but what else is happening with the flagship of the cryptocurrency market and what to expect next? There has been a wave of positive momentum in the digital asset markets due to speculation that the US Securities and Exchange Commission is on track to approve its first spot Bitcoin ETF. This may have sparked the largest influx into crypto exchange-traded products in more than a year. According to CoinShares, crypto funds saw $326 million in inflows last week.
On the back of this data, BTC is breaking through the 34000 resistance and the upper boundary of the ascending channel. With the price consolidating above this support zone, the next active growth phase will come quite quickly.
Valkyrie Investments chief investment officer Steven McClurg believes the U.S. Securities and Exchange Commission will finally approve exchange-traded funds that invest directly in bitcoin this month.
Position accumulation is forming at the current level of 34000-35000. The market is still in a positive state as a lot of news and rumors have been forming lately that foreshadow the approval of ETFs this year:
- November 2 - SEC, in a closed session, will reconsider Grayscale's application for a spot BTC-ETF (although they recently wanted to put it on hold, but a U.S. court wouldn't allow it)
- SEC will approve applications for spot BTC-ETFs by the end of November - Valkyrie's top manager
To name a few ↑
Support levels: 34000, channel resistance, 32000
Resistance levels: 35250, 1.618 fibo, 37600
I expect the price to consolidate above the support, maybe some more support retests or even false breakdowns, but in the short term I expect a rise to 40600, then to 2.618 fibo
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SEC has begun talks with Grayscale about a spot BTC-ETF
UPD: SEC's 8-day window to approve all 12 spot BTC-ETFs opens today
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The 34000 threshold has been passed.
Fundamentally positive news is coming to the market.
The Securities and Exchange Commission is expected to vote to approve the first U.S. spot Bitcoin ETF
On that note, America's top regulator enters a nine-day window in which it must decide to either approve or reject a total of 12 applications from companies looking to launch their own spot BTC ETFs. Among the companies in line are digital asset manager Grayscale and the world's largest traditional asset manager BlackRock
Note
BTC is already completely ignoring the news on the SEC's postponement of the SEC's review of spot BTC-ETF filings
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Bloomberg analyst James Seyffarth believes that there is a 90% probability that spot BTC-ETFs will be approved by January 10, 2024
Note
BTCUSD continues to test resistance. The level of 38000 is important for the market.
Now a retest and a small pullback will be formed. If the following conditions are met, a breakout of the level is possible:
- if the price returns to 38K, another retest will be formed
- there will be low volatility
- pre-breakout consolidation will be formed
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