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Bitcoin price is up 2% in the last 24 hours, to sell for $37,339 as of 4:50 AM EST as trading volume surged 38%.
BTC got a boost from positive chatter after Cathie Wood’s Ark Invest submitted its third BTC exchange-traded fund (ETF) amendment.
Cathie Wood’s Ark and 21Shares just became the first major applicant in the US spot Bitcoin ETF race to list a fee on their planned offering https://t.co/Ab9zahWUL5
— Bloomberg Crypto (@crypto) November 20, 2023
Bloomberg Intelligence’s ETF specialist James Seyffart said such modifications suggest Ark is preparing for potential SEC approval.
With this series of amendments, Cathie Wood’s Ark and 21Shares became the first major applicants in the US spot Bitcoin ETF race to list a fee on their planned offering.
Bitcoin Price Forecast As BTC Holds Above $36,788 Critical Support
Bitcoin price remains above the $37,400 range with a broader bullish outlook from a big-picture perspective. However, a closer look shows that the king of cryptocurrency could be gearing for a correction, with technical indicators backing this thesis.
The Relative Strength Index is broadly flat to show buying pressure has waned. The histogram bars of the Awesome Oscillator (AO) indicators are also red, suggesting bears are steadily gaining ground. With the volume of these bars inching closer towards the midline by the day, the bears could soon take over.
Unless bullish momentum increases, Bitcoin price could lose the critical support provided by the mean threshold at $36,788. Further south, it could fall out of the supply zone by flipping the lower boundary of this order block from support to resistance.
This could expose the Bitcoin price to a cliff, showing it below the support offered by the ascending trendline to test the $35,410 support. If this buyer congestion level fails to hold, the price could spiral lower to test the $34,000 psychological level. This could see BTC collect the buy-side liquidity residing underneath.
In the worst-case scenario, the price could foray into the supply zone. This order block failed to hold as resistance and flipped to a bullish breaker, stretching from $30,126 to $31,524. A decisive slip and close below the midline of this order block at $30,824 would confirm the continuation of the downtrend. Potentially, this could see BTC revisit the $30,000 psychological level.
Converse Case
On the flip side, increased buying pressure could see Bitcoin price extend north above current prices, with a break and close above $37,972, confirming the continuation of the trend north.
Meanwhile, investors noted that a spot ETF could launch soon. In this regard, they leverage the first mover advantage, sprinting to buy BTCETF in the presale. The project is thriving as investors front-run the ETF hype, with more than $1.25 million in presale sales. According to analysts, it could 10X upon launch.
Promising Alternative To Bitcoin
BTCETF is one of the most promising alternatives to Bitcoin as it rewards holders when Bitcoin ETFs are approved.
The imminent arrival of #Bitcoin ETFs signals a transformation in the #Crypto and #StockMarket realms, offering easier entry to digital assets for traders worldwide.
Championed by industry giants such as @BlackRock, the prospects for #BitcoinETF appear incredibly bright! pic.twitter.com/aIdBamyXrA
— BTCETF_Token (@BTCETF_Token) November 19, 2023
BTCETF is the token that powers the Bitcoin ETF Token ecosystem, a project that front-runs spot ETF approvals. Representing a proactive step towards this important product launch, now is the time to join the community. Embrace this upcoming evolution poised to deliver unique advantages to its community.
Spotting the Path Ahead!
The #BitcoinETF #Token stands out, representing a proactive step toward future #Bitcoin ETFs.
Created on #Ethereum, $BTCETF anticipates and embraces this upcoming evolution, delivering unique advantages to its community. pic.twitter.com/BIX2CjRAKf
— BTCETF_Token (@BTCETF_Token) November 20, 2023
Featuring among the top five initial coin offerings (ICOs) to buy in 2023, BTCETF is selling for just $0.0056 in the current stage 4.
#BitcoinETF Stage 4 is now live! pic.twitter.com/zboknJXHsw
— BTCETF_Token (@BTCETF_Token) November 20, 2023
This price tag will only hold for three days, so now is the time to buy BTCETF at early entrant rates.
Visit the Bitcoin ETF Website to buy BTCETF in the presale here.
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