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bitcoin price is down almost 3% in the last 24 hours to sell for $36,424 at 12:05 am EST. The cryptocurrency king has retreated from its weekly highs above $37,500 amid waning momentum.
The drop comes as hopes for spot bitcoin exchange-traded funds (ETFs) being approved this year continue to decline. This is because the eight-day period for the United States Securities and Exchange Commission to approve the product, as indicated by ETF specialist James Seyffart, closes today, November 17.
Delays will occur for November 17. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF Applications.
This means the window is now closed for the SEC to approve all ETFs this week.
More delays are expected this week and there will most likely be no approvals this month.
Which means that hopefully by early 2024 we will be able to see a #BitcoinETF
– Multiplex Media (@MultiplexMedia_) November 16, 2023
When the countdown began on November 9, the cryptocurrency market showed volatility and is now losing momentum. However, one certainty remains: there is a deadline in the first half of January, which means there are two months left for some deadlines to expire. Around this time, the market could rise again even as the btc halving approaches.
Bloomberg Intelligence gives it a 90% chance of approval before January 10, 2024. However, in playing devil’s advocate, one must consider whether the analysts who predict approval before the tough deadline of January 10th I know something or it could still be speculation.
Heading into the weekend, today, Friday, btc holders will be on the edge of their seats with all eyes on the SEC. If there is approval, the price of bitcoin could rise, but the silence of the SEC may not disturb the markets since this result, where the financial regulator does not give the green light today, has already been discounted.
bitcoin price outlook as eight-day window passes
Not much movement is expected today in the btc market unless an approval comes, and that is still possible. As such, bitcoin price could stay below $37,000 through the weekend as the retail market enters the weekend, or explode if the SEC grants an approval.
However, the $36,788 mid-threshold of the supply zone that extends from $36,276 to $37,301 remains critical for bitcoin. A decisive break and close above it, confirmed by a break of the range high of $37,972, would set the tone for bitcoin price to continue north.
The Relative Strength Index (RSI) position above 50 and the Awesome Oscillator (AO) are keeping hope alive as they show that the bulls are still in play. This means that the bullish potential for bitcoin price is still alive.
Still, it is important for bitcoin price to stay above the ascending trend line as this could lead to further gains. In a very bullish case, the rally could take btc to $40,000 or, in very ambitious cases, send it to the psychological level of $50,000. This would mean a 40% increase above current levels.
Reverse case
On the other hand, if profit takers pull the trigger, bitcoin price could fall below the ascending trend line. This would be attributed to selling pressure from the supply barrier and could send btc below $35,410, or lower to test the psychological level of $34,000.
In a highly bearish case, the drop could send bitcoin price into the supply zone that now acts as a bullish switch, extending from $30,126 to $31,524. A break and close below $30,824 would solidify the downtrend, putting the $30,000 level within reach.
The RSI’s southward trajectory shows that momentum is already reducing. Additionally, the AO shows red histogram bars that are approaching the midline and could eventually turn negative. These add credibility to the bearish thesis.
Meanwhile, BTCETF, a bitcoin ETF tracker coin, continues to pump. It has attracted nearly $900,000 in pre-sale collections, as of this writing, with a goal of $1.31 billion on the horizon.
<img decoding="async" class="aligncenter wp-image-457777 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin ETF Token” width=”448″ height=”98″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2023/11/1700233871_569_Bitcoin-Price-Prediction-BTC-Plunges-But-This-Pre-Sale-Is-Set.png 448w, https://insidebitcoins.com/wp-content/uploads/2023/11/ETF-raised-300×66.png 300w” data-lazy-sizes=”(max-width: 448px) 100vw, 448px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2023/11/1700233871_569_Bitcoin-Price-Prediction-BTC-Plunges-But-This-Pre-Sale-Is-Set.png”/><img decoding="async" class="aligncenter wp-image-457777 size-full" src="https://technicalterrence.com/wp-content/uploads/2023/11/1700233871_569_Bitcoin-Price-Prediction-BTC-Plunges-But-This-Pre-Sale-Is-Set.png" alt="bitcoin ETF Token” width=”448″ height=”98″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/11/1700233871_569_Bitcoin-Price-Prediction-BTC-Plunges-But-This-Pre-Sale-Is-Set.png 448w, https://insidebitcoins.com/wp-content/uploads/2023/11/ETF-raised-300×66.png 300w” sizes=”(max-width: 448px) 100vw, 448px”/>
Promising alternative to bitcoin
BTCETF is the token powering the bitcoin ETF Token project and features the only token that rewards holders as btc ETF approval increases. Now that ETFs for bitcoin seem inevitable, enlightened investors are already rushing to buy BTCETF at the current exchange rate of $0.0054.
#BitcoinETF it’s a #Cryptocurrency linked to the destiny of $btc and what was expected #ETF approvals coming from the #SECOND.
Our news service will keep you up to date on the latest news.
Follow, turn on notifications, and stay ahead of historic bitcoin events! pic.twitter.com/hVO6LhxMOj
– BTCETF_Token (@BTCETF_Token) November 16, 2023
Knowing that a btc ETF is a long-awaited dream for btc enthusiasts, believers and fans, the bitcoin ETF Token project gives you the opportunity to get ahead of it.
TO #BTCETF It is a long-awaited dream bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin believers.
From the first speculations to an official request for @BlackRockETFs for $btc now it seems inevitable.
A flood of place #ETF is expected to reinforce the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto market with billions or billions. pic.twitter.com/qozhXHjR7W
– BTCETF_Token (@BTCETF_Token) November 15, 2023
The third stage of the bitcoin ETF token pre-sale has begun and with it, more buyers are anticipating the imminent launch of a bitcoin ETF. Don’t be left behind as the token will never be this affordable again.
Stage 3 of the #BitcoinETF It’s already underway! pic.twitter.com/rJ5cnfkpDV
– BTCETF_Token (@BTCETF_Token) November 16, 2023
Experts say that the token will record a 10x return on investment upon launch, meaning now is the time to get in to be among those reaping these returns. Read our bitcoin ETF token price prediction guide here.
Visit the bitcoin ETF Token website to purchase BTCETF here.
Also read:
- Audited by Coinsult
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- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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