Speculations of Bitcoin ETF Approval Ignite Trading Community
The recent rumors about a potential approval of a Bitcoin ETF have sparked excitement among traders in the crypto community. As Bitcoin’s daily trading volume exceeds $20 billion, many analysts and enthusiasts are speculating whether this surge indicates the start of a new bull market.
False Rumor Causes Volatility and Liquidations
One event that caused a stir in the crypto community was the spread of a false rumor about a Bitcoin ETF approval in the US. The rumor originated from Cointelegraph, leading to a $2,000 increase in Bitcoin’s price and significant volatility across the market. However, BlackRock later confirmed that the SEC had not approved their ETF application, and the initial tweet spreading the rumor was deleted.
Delays Push ETF Decision to January 2024
The SEC’s delays on BlackRock’s ETF application have resulted in the final decision being pushed to January 2024. Despite this, analysts from Bloomberg estimate a 75% chance of a spot Bitcoin ETF approval by the end of 2023. However, they clarified that there was no tangible evidence supporting the rumor on that particular Monday morning.
Current State of Bitcoin Price
As of October 17th, Bitcoin is priced at $28,557 with a trading volume of $15 billion within 24 hours. It holds the top rank on CoinMarketCap with a market capitalization of $557.36 billion. The current circulating supply is 19.5 million BTC coins, nearing its maximum cap of 21 million.
Predictions for Bitcoin Price
The pivot point for Bitcoin’s price is valued at $28,077, with immediate resistance levels at $28,549, $29,219, and $29,886. On the other hand, the immediate support levels are at $27,667, $27,208, and $25,985.
Technical indicators show that Bitcoin is potentially in overbought territories with an RSI value of 74. The 50-day Exponential Moving Average (50 EMA) reinforces the importance of the pivot point. The chart patterns indicate a resistance barrier near the $28,600 mark and a sense of indecision among investors.
Hot Take: The Impact of ETF Rumors on Bitcoin
The recent rumors about a potential Bitcoin ETF approval have created excitement in the trading community. While these rumors caused a temporary surge in Bitcoin’s price and market volatility, it was later confirmed that the SEC had not approved the ETF application. Despite this setback, analysts still believe there is a high chance of a spot Bitcoin ETF approval by the end of 2023. Traders should closely monitor the market and consider technical indicators before making investment decisions.
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