On what could be a crucial day for the price of bitcoin, the last day for the US Securities and Exchange Commission (SEC) to appeal the Grayscale bitcoin (btc) Spot Exchange Traded Funds (ETFs) the decision is approachingand the crypto community is eagerly awaiting the result.
The implications of this decision are significant, as it could pave the way for the approval of several other detect bitcoin ETF.
Imminent Approval of All Proposed bitcoin Spot ETFs?
According According to crypto YouTuber crypto Rover, if the SEC does not appeal the court’s ruling by the end of the day, it would potentially lose its ability to reject future applications, resulting in the likely approval of all proposed spot ETFs.
The current list of applicants seeking approval includes notable names such as Grayscale bitcoin Trust, Ark/21 Shares bitcoin Trust, Bitwise bitcoin ETF Trust, Black Rock bitcoin ETF Trust, VanEck bitcoin Trust, WisdomTree bitcoin Trust, Valkyrie bitcoin Fund, Invesco Galaxy bitcoin ETF and Fidelity Wise Origin bitcoin Trust.
If all bitcoin spot ETFs are approved, the move would mark a major milestone in the widespread adoption of cryptocurrencies.
Accepting these financial instruments would provide investors with a regulated and easily accessible avenue to gain exposure to bitcoin price movements without directly owning the underlying asset.
Approval would also vote for confidence in the cryptocurrency market, attracting institutional investors and potentially injecting fresh capital into the space.
The approval of bitcoin spot ETFs may also generate a renewed sense of optimism and investor sentiment. Anticipation of such a development has already fueled speculation about a bitcoin rally, with market participants targeting a new yearly high.
The thawing of crypto winter and the approval of these ETFs could create a perfect storm for the price of bitcoin to rise, potentially surpassing the $30,000 mark and beyond.
bitcoin Price Awaiting ETF Relief
The largest cryptocurrency on the market is struggling to regain the crucial $27,000 level, trading at $26,700. This level has significant importance for bullish investors as it represents a key threshold to break the medium-term downtrend structure seen in btc 1-day chart from its yearly high of $31,800 on July 13
Furthermore, the fact that bitcoin price is not holding its 200-day (yellow line) and 50-day (brown line) moving averages (MA) as support lines is a cause for concern among bullish traders. These AMs, similar to the situation in March 2023, are currently converging.
However, the possible approval of a btc spot ETF could provide much-needed relief to the price of bitcoin. Forming a full rally would require breaking through several resistance levels in such a scenario..
In the short term, bitcoin price will likely face a major hurdle at the $27,900 level, which was briefly surpassed on October 2. Furthermore, btc encounters 3-month resistance at $28,700, marking the last hurdle before reaching the $30,000 level, serving as another resistance line.
However, the community is eagerly awaiting the approval of btc spot ETFs, hoping that it will bring a sense of relief and bullish momentum for investors and the price of bitcoin.
Featured image from Shutterstock, chart from TradingView.com
