Anticipating Bitcoin's Price: BTC Retracts from Weekly Peaks as Bitcoin ETF Token Shows Strong Performance in Presale

Bitcoin price has declined by nearly 3% over the last 24 hours, selling for $36,424 as of 12:05 a.m. EST. The cryptocurrency has dropped from its weekly highs above $37,500 due to a decrease in momentum. This decline follows waning hope for spot Bitcoin exchange-traded funds (ETFs) approvals coming this year. The US Securities and Exchange Commission’s eight-day window to approve the product closes on November 17.

As the countdown started on November 9, the crypto market displayed volatility and is now losing momentum. However, one certainty continues to abound, there is a deadline in the first half of January, which means there are two months left for some deadlines to expire. Towards these dates, the market could rise again even as the BTC halving closes in. Bloomberg Intelligence gives it a 90% chance of approval by January 10, 2024.

If approval does not come through today, Bitcoin price could stay below $37,000 through the weekend as retail market walks into the weekend. A decisive break and close above $36,788 would set the tone for Bitcoin price to continue north with potential to reach $40,000 or even $50,000.

On the flip side, if profit takers pull the trigger, Bitcoin price could slip below the ascending trendline and fall to lower levels such as $34,000 or $30,000. The trajectory of RSI heading south shows that momentum is already reducing.

Meanwhile, BTCETF is attracting presale collections with an expected target of $1.310 million on the horizon. As ETFs for Bitcoin now appear inevitable, enlightened investors are sprinting to buy BTCETF at the current rate of $0.0054.

The third stage of the Bitcoin ETF Token presale has commenced and experts say that now is the time to enter to be among those who reap returns when it launches.

Visit Bitcoin ETF Token website to buy BTCETF.

The Decline in Bitcoin Price Amidst Waning Hope for ETF Approvals