In the highly volatile financial environment, Bitcoin once again made headlines, rising 0.75% and ultimately closing at the $26450 mark
In the highly volatile financial environment, Bitcoin once again made headlines, rising 0.75% and ultimately closing at the $26450 mark. What has driven the recent trend of Bitcoin and what will happen next? This analysis provides predictions for its near future.
Bitcoin has recently experienced a slight increase, possibly due to the announcement of support for Bitcoin ETFs by both parties.
However, due to the impact of rising interest rates and macroeconomic factors on the market, investors are concerned and traders seem hesitant to make any strong bids.
Both parties support Bitcoin ETFs and strengthen SEC scrutiny
It is worth noting that members of both parties in Congress are working together to send a clear message to Gary Gensler, Chairman of the Securities and Exchange Commission (SEC). They urged him to approve Bitcoin (BTC) spot exchange traded funds (ETFs) and end unfair practices.
In a letter signed by representatives of both parties, they emphasized that the US Securities and Exchange Commission should ensure investor protection while allowing innovative investment products such as Bitcoin ETFs.
They mentioned a recent court case where the US Securities and Exchange Commission (SEC) was found to be inconsistent and discriminatory in handling Bitcoin ETFs.
Republican members called for a pause in reviewing community opinions and promoting capital formation. McHenry criticized Gensler for not responding to the supervision request and threatened to issue a subpoena. Gensler clarified that Bitcoin does not meet the criteria for being classified as a security.
The support of the two parties in comparing the ETF and SEC review of the Bitcoin can have a positive impact on BTC prices and indicate an increase in investor legitimacy and access opportunities.
Bitcoin ETF to be approved in 2023: What is the impact of increasing doubts on Bitcoin prices?
The US Securities and Exchange Commission (SEC) has recently postponed its decision to approve two Bitcoin ETF applications. It is speculated that this delay may be due to the imminent closure of the US government. Congress also urged the SEC to treat Bitcoin ETFs fairly.
However, people are increasingly skeptical about the possibility of obtaining approval for special currency exchange traded funds this year. Bloomberg analyst James Seffyat believes that recent regulatory actions indicate a reluctance to approve ETFs in 2023.
The US Securities and Exchange Commission's decision to prioritize delaying the submission of ARK21Shares ETFs has raised concerns that other pending ETF applications may also face delays. This may weaken the hope of Bitcoin ETFs being approved in the near future.
The delay and regulatory uncertainty surrounding Bitcoin ETFs may lead to short-term price fluctuations, leading to changes in Bitcoin value as investors react to this news.
Bitcoin Price Forecast
Checking the 4-hour chart time range can provide a deeper understanding of the price dynamics of Bitcoin. The pivot point is set at $26646, providing technical support for resistance and support levels. The direct resistance level is $27100, followed by resistance levels of $27958 and $28438.
The direct support level for Bitcoin is $25772, with additional support levels of $25283 and $24426. The relative strength index (RSI) is currently 51, indicating a slightly bullish trend. The interweaving of MACD lines indicates that the market is in a balanced state. The 50 day moving average (EMA) of the index is at $26448, indicating a brief bullish trend.
On the 4-hour chart, the pivot point of Bitcoin is located at $26646. The direct resistance level is $27100, while the further resistance levels are $27958 and $28438.
The support levels are $25772, $25283, and $24426. RSI shows mild bullish sentiment at 51.38, while MACD shows market balance.
The price of 50EMA is $26448, confirming the current bullish trend. The upward trend line of the $26000 support level highlights the bullish potential of Bitcoin. If this momentum continues, the resistance level of $27100 may soon be tested.
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