Bitcoin Price Stalled Due to ETF Standoff
Bitcoin prices have stagnated around $37,000 for almost two weeks now due to the clash over the approval of an ETF. Since the surge on Nov 9, the value has kept ranging between $36,000 and $38,000, repeatedly attempting to rise beyond the latter but been unable to.
The Bitcoin Stalemate and ETF Updates
It may appear that the SEC approval of spot Bitcoin ETFs is experiencing a deadlock. However, despite this seemingly slow pace, the process is still in motion, including ARK’s second amended application. As per SEC standards, it will take at least another month for any evident results to manifest.
Bitfinex Predictions for Bitcoin
Bitfinex analysts suggest that Bitcoin will continue to trade sideways as several issues hinder its rise above the $38,000 wall. These factors include the Federal Reserve’s uncertainty surrounding future policies and the SEC’s indecisiveness on ETFs. In the absence of a specific driver, the price is expected to keep moving laterally for about three weeks.
Bitfinex Alpha Report
According to Bitfinex, Bitcoin’s price is currently reflecting early April halving pre-pricing due to the accumulation of the cryptocurrency by long-term investors. However, negative sentiments seem to be spreading, indicated by a drop in open interest and spot market volumes. Additionally, futures contracts funding rates have recently turned positive.
Hot Take
Prices of Bitcoin rise and fall as the crypto world continues to wait for the SEC’s decision on the approval of ETFs. This decision will significantly impact the future direction of Bitcoin in the market. All you can do at this point is to monitor the market and patiently wait for the SEC to make a final verdict.
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