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bitcoin price is down 1.43% in the last 24 hours to trade in dollarsbitcoin/”>42,384 at 3:10 a.m. EST, with trading volume falling 13%.
It comes as investors reduce risk, following a reported deadline for bitcoin spot ETF applicants seeking to be considered among the first wave of potential approvals. With only six days left before the bitcoin Spot ETF approval window opens on January 5, the market could witness some volatility. bitcoin price, in particular, could decline ahead of a prolonged northward move.
Ahead of the expected btc Spot ETF approvals, the buy the rumor, sell the news/fact narrative is expected to develop. Post-approval gains are very likely as investors cash in on the gains made on the approval rally.
However, Ark Invest Founder, CEO and CIO Cathie Wood says the bitcoin sell-off with ETF approvals will be short-lived, and maintains that the long-term outlook remains promising.
Cathie Wood Anticipates Short-Lived 'Sell on News' Effect of bitcoin Spot ETF Approvals
In an interview with a news site, Cathie Wood saying which anticipates that a cohort of investors will make some gains, attributing it to a “large anticipatory move” inspired by the expectation of a possible approval of a bitcoin spot ETF.
However, despite her expectation of a short-term impact from the possible approval of the btc Spot ETF in the wake of investor selling, Cathie Wood believes the long-term outlook is promising and more important.
Approval would make access to btc much easier for institutions, and Cathie Wood said issuers could allocate trillions of dollars in assets to bitcoin. With this, she says that the price of bitcoin could move significantly if institutional investors invested at least 0.1% or 0.2% of their assets in the king of cryptocurrencies.
.@CathieDWood believes that the SEC approves the spot $btc The ETFs will give “the green light for institutional investors to participate.” pic.twitter.com/AzxPPox3S5
— Yahoo Finance (@YahooFinance) December 26, 2023
In an interesting development, the investment firm submitted the fifth amendment to its btc EF spot application. The presentation passed the deadline of December 29 and could be the final one before possible approvals.
ARK begins the S-1 Amendment marathon. At the head of the group as always. Although it's still unclear what changed, AP mentioned a ton but didn't name. Assuming that will probably arrive in the last effective update just before launch. But we still don't know if they have signed an agreement. https://t.co/mcNgpoR451
– Eric Balchunas (@EricBalchunas) December 28, 2023
The amendment also followed the news that Cathie Wood sold her entire position in Grayscale bitcoin Trust (GBTC). The move is not a surprise, as it would be a bad look for ARK ETF investors if they held shares in a competitor's ETF. It also points to the intention to hold a btc ETF rather than holding GBTC for its btc exposure.
The reason could be 3 things:
1) He became bearish $btc (very unlikely, she is a major LT bull)
2) She wants to hold a $btc ETF instead of holding GBTC for its bitcoin exposure
3) She has inside information that the ETFs will be rejected (very unlikely, she would do it herself…— Quinten | 048.eth (@QuintenFrancois) December 28, 2023
bitcoin Price Outlook
bitcoin price continues to consolidate along an ascending trend line holding the resistance level of $44,406. As this technical formation fills up, btc could break out soon.
In such a turn of events, two levels remain critical for the next near-term directional bias for bitcoin price: $48,000 and $37,800.
Technical indicators such as the Relative Strength Index (RSI) show that bitcoin price could decline first as momentum continues to fade. The Awesome Oscillator (AO) histogram bars are also moving lower as they flash red, with this bearish outlook accentuated by the Moving Average Convergence and Divergence (MACD) indicator remaining southward, moving below the signal line (orange band) to show the probabilities. favor the disadvantage.
Higher profit booking could cause bitcoin price to lose support due to the ascending trend line, sending btc below the psychological level of $40,000. In the most severe case, the decline could extend until the btc market value falls below the critical level of $37,800.
However, for the prevailing bullish outlook to be invalidated, bitcoin price must record a daily candle close below the psychological level of $30,000. This is a very unlikely outcome.
Reverse case
On the other hand, if buyer momentum increases, bitcoin price could extend north, breaking the $44,406 barrier before a possible extension to break the range high of $44,700. In a highly bullish case, gains could extend beyond the psychological level of $48,000, beyond which the extension would be open for btc to target the psychological levels of $50,000 or $60,000 in very ambitious cases.
Meanwhile, all eyes have been focused on BTCMTX, a mine participation project that is between Pulse's Top Picks for Best Altcoins to Invest in with Potential for Maximum Returns.
Promising alternatives to bitcoin
BTCMTX is a good option for investors as the token provides entry to the btc market. Powering the bitcoin Minetrix ecosystem, this project aims to make bitcoin ownership a reality for everyone. To do this, it has reduced the barriers to entry by decentralizing and tokenizing the bitcoin mining process.
Exploring the options of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin cloud mining via #BitcoinMinetrix!
Perfect for beginners.
Cost effective, without hardware costs.
Don't worry about space, noise or heat.
Hassle-free updates.#CryptoMining #bitcoin Mining pic.twitter.com/SNGGQDjq4n—Bitcoinminetrix (@bitcoinminetrix) December 28, 2023
bitcoin Minetrix is a cloud mining project, where investors can stake their BTCMTX holdings to earn mining credits. Redeeming or burning these credits will allow you to extract hash power.
Prefer to #BitcoinMinetrix For perfect mining!
Get into cloud mining and say goodbye to worries about selling hardware. #BTCMTX manages updates, allowing users to focus on their $btc trip, free of problems with obsolete equipment. pic.twitter.com/JX3G4zG2BP
—Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
The project is in the pre-sale stage and so far has exceptional sales of 6,658 million dollars. This is outside the planned target of $7.182 million. Investors who want to purchase BTCMTX can do so on the website, and each token is sold for just $0.0125. Notably, this price will only hold for the next three days before another price hike. Don't miss out for any reason, hurry up and take advantage of this last chance to buy BTCMTX before the price rises.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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