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Bitcoin (BTC) price is being influenced by broader market volatility and the possible approval of spot Bitcoin exchange-traded funds (ETFs).
With applications for spot Bitcoin ETFs and Ether ETFs making headlines, investors are carefully watching every move made by applicants and the US Securities and Exchange Commission (SEC).
Delays send the market into a tailspin, while indications of progress buoy sentiment.
Long-term BTC holders (1+ year) currently own ~69% of the supply
https://t.co/rQNDofGvcH pic.twitter.com/T9GOOCu5FV— IntoTheBlock (@intotheblock) October 13, 2023
Bitcoin Price Rises As US SEC Misses Appeal Deadline Following Grayscale Victory
Bitcoin price climbed around 3% during the late hours of the New York session on Oct. 13 when it became clear the SEC will not appeal an August 29 ruling in favor of Grayscale,
In that ruling, a judge said the regulator’s decision to approve Bitcoin Futures ETFs, but not spot Bitcoin ETFs, was ”arbitrary and capricious.”
ORDERED and ADJUDGED that Grayscale’s petition for review be granted and the Commission’s order be vacated, in accordance with the opinion of the court filed herein this date.
The SEC had 45 days which ended on Oct. 13 to appeal the ruling.
Benzinga (and others) reporting that Reuters is reporting that the SEC will NOT be appealing Grayscale case. pic.twitter.com/yd9BBtRwv5
— Eric Balchunas (@EricBalchunas) October 13, 2023
Bloomberg ETF experts James Seyffart and Eric Balchunas have adjusted their Spot BTC ETF approval odds from 75% to 90% as a result.
I’ve gotten a lot of questions regarding my current view on Spot #Bitcoin ETFs over the last couple weeks. This is the first section of the note I put out yesterday with @EricBalchunas.
TLDR: Our view hasn’t changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
— James Seyffart (@JSeyff) October 13, 2023
The prospect of approvals for a queue of applicants that includes fund management titans including BlackRock, Fidelity, and Ark Invest has analysts anticipating an influx of liquidity into the market.
This could potentially ignite a long-awaited bull run that may be turbocharged by the April 2024 BTC halving.
InsideBitcoins has reviewed some of the best altcoins to buy ahead of this calendar date.
Invesco Galaxy has now updated their spot bitcoin ETF S-1, following ARK in responding to SEC comments. Expecting the rest to add their updates soon as well. pic.twitter.com/JxzVMwLd4D
— Eric Balchunas (@EricBalchunas) October 13, 2023
Bitcoin Price Prognosis With $30,000 In Sight For BTC
At the time of writing, Bitcoin price is $26,874, recording a 0.5% rise on the day. It continues to consolidate above an ascending trendline, keeping BTC bullish from a big-picture perspective.
With the people’s crypto above this bullish technical formation, Bitcoin price could extend north, potentially foraying into the $28,000 psychological level.
Increased buying pressure could see BTC shatter the $28,831 resistance level, or higher to breach the $29,891 barricade.
A break and close above this level would confirm the uptrend, clearing the way for a potential reach to the $31,804 range high. Such a move would constitute a 20% climb above current levels.
The Relative Strength Index (RSI) has deviated north to show rising momentum. This is enhanced by the position of the Awesome Oscillator (AO) indicator above the midline or in the positive territory.
Conversely, if selling pressure increases, steered by profit-taking, Bitcoin price could lose the support offered by the ascending trendline and fall below the $26,000 psychological level.
Increased selling pressure could send BTC below the 50% Fibonacci retracement at $25,732, which marks the midline of the market range measured from the March 10 low of $19,664 and the July 13 high of $31,804.
In a dire case, a break and close below the September 11 low of $25,118 would invalidate the current bullish outlook.
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No clunky setups, disturbances, or overheating – just effortless and seamless $BTC cloud mining!#CryptoCommunity pic.twitter.com/LM6XH5RyNy
— Bitcoinminetrix (@bitcoinminetrix) October 13, 2023
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Exceeding the $1,200,000 mark! pic.twitter.com/DwCXcHjdFV
— Bitcoinminetrix (@bitcoinminetrix) October 13, 2023
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