The SEC’s Potential Approval of Spot Bitcoin ETFs
The crypto community believes that the Securities and Exchange Commission (SEC) will approve multiple spot Bitcoin exchange funds (ETFs) in the US soon. However, despite this optimism, Bitcoin prices have been fluctuating.
On Tuesday, Bitcoin price briefly surged to $48,000 due to fake news about ETF approval. However, the gains were quickly erased when investors realized it was a result of a hacking event into the SEC’s account.
Despite the correction, BTC price has managed to maintain support at $45,000. This suggests that a sell-the-news scenario may not occur. The breakout could go either way to $50,000 or $40,000.
Bitcoin Price Prediction: BTC’s Fate Before ETF Decision
Investors and analysts are anxiously waiting for the SEC’s decision on the spot BTC ETF. Trading is expected to begin shortly after approval. Many experts believe that the decision will be made by the end of the day based on recent developments and updates from applicants.
Apparently, we’re close to an approval of the ETF given the recent data.
Trading is going live in a few days on the #Bitcoin spot ETF.
Big news!
Note: might be fake. pic.twitter.com/gmiYuUbSsO
— Michaël van de Poppe (@CryptoMichNL) January 10, 2024
The four-hour chart indicates immediate support at $45,570, highlighted by the 20 Exponential Moving Average (EMA). If respected, Bitcoin price could rise and attract more speculators.
Bitcoin’s Outlook and Potential Breakout
The Moving Average Convergence Divergence (MACD) indicator shows a slightly bearish outlook on the four-hour timeframe but has a positive signal on the daily and weekly time frames. Traders should consider the long-term outlook before trading on short-term ranges.
Blockchain data reveals that investors transferred over $2 billion worth of BTC to exchanges, marking the fourth-highest inflow in two years. Despite this, holders still managed to gain $1.3 billion in profit against $750 million in losses.
Yesterday, over $2B worth of #Bitcoin got sent to exchanges from STHs.
That’s the fourth-highest amount in two years.
$1.3B profit vs $750M in loss (Suspicious, considering yesterday was flat to negative)
Luna selling by this cohort was $2.3B for comparison. pic.twitter.com/31nmHjUhgJ
— James Van Straten (@jimmyvs24) January 10, 2024
Despite the uncertainties surrounding the ETF news, Bitcoin remains bullish. Some believe that the event could lead to a sell-the-news scenario, while others expect BTC price to reach at least $48,000, with projections going as high as $51,000 in the near term.
Hot Take: The SEC’s Decision on Spot Bitcoin ETFs Could Determine Bitcoin’s Future
The crypto community eagerly awaits the SEC’s decision on spot Bitcoin ETFs in the US. If approved, it could have a significant impact on Bitcoin’s price and market sentiment. The recent fake news incident regarding ETF approval highlights the market’s sensitivity to such developments.
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