The expectations and speculations surrounding the approval of Bitcoin Exchange Traded Funds (ETFs) spot have reignited enthusiasm within the cryptocurrency community. With the development of regulatory environment, people are closely observing the upcoming decision of the US Securities and Exchange Commission (SEC) to determine whether it will trigger a significant increase in Bitcoin (BTC) prices
The expectations and speculations surrounding the approval of Bitcoin Exchange Traded Funds (ETFs) spot have reignited enthusiasm within the cryptocurrency community. With the development of regulatory environment, people are closely observing the upcoming decision of the US Securities and Exchange Commission (SEC) to determine whether it will trigger a significant increase in Bitcoin (BTC) prices.
In this case, cryptocurrency trading analystsFieryTrading's Trading View on August 30thThe post emphasizes the potential impact of technical indicators and withdrawal levels in determining whether the SEC's pending decisions may trigger the expected Bitcoin rebound.
Although acknowledging the positive nature of ETF approval, analysts remain cautious about the immediate surge in bullish sentiment, referring to the current sentiment as a 'pre news' scenario.
I don't believe bulls will make it through. As the ETF has not yet been approved, it is essentially 'news before the news'. Of course, this is good news, but is it enough to start a long-term trend reversal? He posted and said.
The analyst emphasized that there are potential technical barriers to the rise of Bitcoin due to the ongoing debate over the impact of spot ETFs on their value. It is worth noting that analysts emphasized the important role of Fibonacci's pullback level in evaluating potential price trends and the impact of ETFs.
My rebound target area is between 0.382 and 0.618 Fibonacci retracement levels. This area is usually a strong resistance area, and if it can be maintained, it almost always indicates the continuation of the trend
Key price levels that need to be monitored
Analysts emphasized the importance of the 200 week moving average at around $27500, which has historically been a critical level that needs to be monitored, adding complexity.
Regarding price forecasting,FieryTradingIt is pointed out that achieving a 0.618 Fibonacci pullback may shift short-term preference towards bullishness. At present, the market is still bearish.
The analyst emphasized the key 0.382 pullback near $27150, indicating that a bullish stock market may drive Bitcoin to break upwards. The upcoming macro and ETF news has added uncertainty, and analysts have warned traders to remain vigilant.
After Grayscale won the lawsuit against the SEC, the debate over Bitcoin spot ETFs once again gained attention, and the SEC initially rejected their application to convert Grayscale Bitcoin trusts into ETFs.
Grayscale sued the SEC in June 2022, after the agency denied attempting to convert its flagship Bitcoin fund (GBTC) into an ETF. Grayscale's goal is to establish an ETF supported by actual Bitcoin rather than derivatives.
This potential approval is expected to enhance the value of Bitcoin. It is worth noting that when the news of investment giant BlackRock (NYSE: BLK) applying for Bitcoin spot ETFs spread, the overall cryptocurrency market saw a surge.
Bitcoin Price Analysis
The court's ruling prompted Bitcoin to experience a short-term rebound after a period of inactivity. As of the time of publication, the trading price of Bitcoin was $27222, down about 0.6% on the day, but up nearly 3% this week.
Despite these gains, Bitcoin still hovers below the $30000 mark, a familiar region in 2023.
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