What To Expect Ahead of Ark Invest Bitcoin ETF Deadline
– Bitcoin price is stuck between $29,000 and $30,000, but a bullish setup is anticipated before the SEC’s decision on a Bitcoin ETF proposal.
– Global multinationals like Blackrock and Fidelity Investments are vying for a spot Bitcoin ETF.
– The surge in ETF proposals did not impact Bitcoin price, but investors are waiting to see if the SEC’s decision will affect the crypto market trend.
– The SEC is facing the deadline for the proposal by ARK Invest, and a further delay is expected.
– If the SEC approves a spot Bitcoin ETF, multiple approvals are likely to follow.
Bitcoin Bulls Mull Breakout Above $30k
– Bitcoin price is currently supported above $29,000 but faces resistance at $30,000.
– Selling pressure at $29,445 is preventing Bitcoin from surpassing the resistance, highlighted by the 200-day EMA.
– It remains uncertain what it will take for Bitcoin price to rise above $30,000, but the SuperTrend indicator suggests a bullish outlook.
– Traders seeking long-term exposure to Bitcoin should wait for the price to break and sustainably hold above the upper descending trendline.
– A breakout above the trendline could indicate the end of the downtrend and a rally towards $32,000 and potentially $40,000.
Hot Take
The upcoming SEC decision on a Bitcoin ETF proposal has the potential to impact the crypto market trend. If the ETF is approved, it could lead to multiple approvals and a bullish run for Bitcoin. However, Bitcoin price is currently struggling to break above $30,000, and investors should monitor key indicators and wait for sustained upward movement before making significant moves. Overall, the crypto market remains unpredictable, and caution is advised when making investment decisions.
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