The Crypto Market Takes a Breather After Fed Decision
The crypto market experienced a pause in its recent rallies following the Federal Reserve’s decision to keep interest rates unchanged. This decision was welcomed by investors, but it also resulted in negative pressure on Bitcoin and other risk assets. Despite briefly surpassing $43,000, Bitcoin failed to reach the key level of $44,000, leading to a bearish outlook.
Optimism Surrounding Bitcoin ETF Approval
There is growing optimism regarding the approval of the first Bitcoin spot exchange-traded funds (ETFs) in the US. However, investor uncertainty has limited expected gains, causing Bitcoin to hover above support at $42,500.
Bitcoin Price Prediction: Can BTC Rise to $50k in December?
Traders are hesitant to bet against Bitcoin as it has successfully tested support levels at $40,000 and $42,500. Currently trading at $43,664, Bitcoin is approaching the crucial price level of $44,000. The Moving Average Convergence Divergence (MACD) indicator suggests a buy signal, indicating a sustained uptrend towards $50,000.
BlackRock and SEC Discuss Bitcoin ETF Listing Rules
Officials from BlackRock, Nasdaq, and the Securities and Exchange Commission (SEC) have met to discuss rule changes necessary for the listing of spot Bitcoin ETFs. This meeting focused on Nasdaq’s proposed rule change to list and trade shares of the iShares Bitcoin Trust. If approved, these ETFs could attract institutional investors and potentially drive Bitcoin price to new all-time highs.
Hot Take: Bitcoin Price Set for Potential Rally with ETF Approval
If Bitcoin ETFs are approved, it could lead to a surge in Bitcoin price as institutional investors seek exposure to the cryptocurrency. Market analysts predict a rally to $160,000 in 2024 following the approval.
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