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The price of bitcoin rose 4% in the last 24 hours to exchange for $36,807 at 5:00 am EST.
Trading volume increased 32% as btc rushes towards the $37,000 level amid growing optimism that the approval of spot bitcoin exchange-traded funds (ETFs) could come in the next eight days.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The accumulation phase has ended and enters the first part of the bullish cycle
This is the first year of the bull cycle as it is pretty clear that we are done with the bear market.
Altcoins are heating up and bitcoin has broken the $30,000 barrier. Whats Next?… pic.twitter.com/uPgJG9Mg3o
—Michaël van de Poppe (@CryptoMichNL) November 8, 2023
SEC Gets Short Window to Approve bitcoin Spot ETF
Bloomberg analyst and ETF specialist James Seyffart said the US Securities and Exchange Commission (SEC) has a short window to approve all potentially spot bitcoin ETFs, and it will be open for at least 8 days, starting November 9.
ONLY IN: Bloomberg analysts say a “short window” opens tomorrow for the SEC to potentially approve the spot bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF, and will be open for at least 8 days. pic.twitter.com/CfDXylvd8v
– bitcoin Magazine (@BitcoinMagazine) November 8, 2023
According to Seyffart, the Grayscale bitcoin Trust (GBTC) ETF application will also be considered in this open window. Grayscale CEO Michael Sonnenshein says he is still in talks with the SEC, raising hopes that GBTC will soon become an ETF.
JUST IN: Grayscale CEO says “we remain in dialogue with the SEC and remain optimistic that we will overcome any final hurdle” for its venue. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF. pic.twitter.com/ef60R9ZPjM
– bitcoin Magazine (@BitcoinMagazine) November 8, 2023
However, analysts expressed that even if the financial regulator does not give a nod within the eight-day window of opportunity, there is still a 90% chance that bitcoin spot ETFs will be approved before January 10.
New research note from me today. We still believe there is a 90% chance by January 10th of getting a spot bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF approvals. But if it comes sooner, we will enter a window where a wave of approval orders *MIGHT* occur for all current applicants. pic.twitter.com/u6dBva1ytD
-James Seyffart (@JSeyff) November 8, 2023
Meanwhile, US Senator Ted Budd has introduced a new bill to ensure that the right to self-custody is not infringed.
NEW – US Senator Ted Budd introduces bill to guarantee the right to self-custody bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin it is not infringed pic.twitter.com/EcSwTQWFeL
– bitcoin Magazine (@BitcoinMagazine) November 8, 2023
bitcoin Price Forecast as btc Holders Eye Eight-Day Window
bitcoin price is testing the upper boundary of an ascending parallel channel, and the Relative Strength Index (RSI) shows that btc is massively overbought. As such, it may not be prudent for traders to open new long positions as a pullback seems likely.
However, those with open positions should not close them either, at least not for now, unless the RSI hints at a crossover below the 70 level. This would be the sell signal to watch out for.
However, the odds still favor the bulls, and bitcoin price could break out of the upper channel boundary above the $35,986 resistance level. However, btc must record a decisive daily close above the range high of $36,550 to confirm the northward move.
On the other hand, the Awesome Oscillator (AO) histogram bars are heading towards the midline and flashing red to show the bears gaining ground.
Similarly, the Moving Average Convergence Divergence (MACD), which crosses below the signal line (orange band), with both above the midline, shows that the longs have closed out and the crossover is , therefore, a sell signal.
Traders heeding the sell call could see bitcoin price rejected from the upper boundary of the ascending parallel channel. The ensuing seller momentum could push btc out of the confines of the bullish technical formation.
A breakout and close below the lower channel boundary at $34,523 would follow, with this level coinciding with the Parabolic SAR indicator.
In the most severe case, the decline could extend until bitcoin loses the psychological levels of $35,000 and $34,000 and possibly finds a pivot at the support level of $31,190.
While bitcoin price moves forward with the approval of a btc spot ETF on the horizon, why not go ahead with BTCETF?
Promising alternative to bitcoin
Since the price of bitcoin is closely tied to the approval of btc spot ETFs, enlightened investors are looking at BTCETF, the token for the new bitcoin ETF token project. Holders will enjoy resounding rewards once the US SEC finally gives the green light to the launch of a spot bitcoin ETF.
Presenting #BitcoinETFthe visionary project prepared to revolutionize the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto kingdom anticipating the arrival of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF.
Stay tuned for the reveal of the distinctive mechanics and strategies that establish #BTCETF apart in the world of digital assets. pic.twitter.com/7CBWhJlErg
– BTCETF_Token (@BTCETF_Token) November 1, 2023
The project is still in the pre-sale stage, with a single BTCETF token selling for $0.005. Investors purchase the token with the stablecoin ethereum (eth), Tether (USDT), or their bank card. The project seeks to raise $420,000 in the current stage. Of this goal, it has already exceeded $108,000. Buy bitcoin ETF tokens at the lowest possible price and become a BTCETF HODLer before the first bitcoin ETFs are approved.
Get ready for the next revolution in the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto and #Stock Exchange world like bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs strive to make digital assets more accessible to all traders.
With the support of influential figures such as @BlackRockthe future of #BitcoinETF looks promising! crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto #web3 pic.twitter.com/LtkZyoAmUp
– BTCETF_Token (@BTCETF_Token) November 8, 2023
You can also stake the BTCETF token, and the largest amount of rewards will go to the first participants. At the time of writing, up to 15,527,613 tokens have been staked.
Bettors earn Annual Percentage Yields (APY) of up to 1,954%. The rewards are 119 per ethereum block. Staked tokens and their accumulated rewards can be claimed seven days after BTCETF goes live on exchanges.
According to the project roadmap, the bitcoin ETF token will be developed over ten stages. The first stage has a target of $420,000, while the tenth has a target of $571,200. Five milestones abound in the middle. The first milestone will be reached when BTCETF records a trading volume of $100 million.
Explaining the first milestone for #BTCETF! 1⃣
Trading volume of $100 million – the first recognition of BTCETF’s market presence!
When total trading reaches $100 million, 5% of the token supply will be burned.
The transaction tax also falls from 5% to 4%.
Powerful times are ahead for #BitcoinETF. pic.twitter.com/fu2YWaGiEI
– BTCETF_Token (@BTCETF_Token) November 5, 2023
The fifth milestone will be reached the moment the price of bitcoin reaches $100,000. The third milestone, however, is the most interesting and will be when we finally have a launch date for the ETF.
Explain the third important pillar of the Milestone to #BitcoinETF. 3⃣
Which would solidify your impact on the market!
On launch day, 5% of #BTCETF #records will be burned and the transaction tax will drop from 3% to 2%. #ETFReleaseDate crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto pic.twitter.com/C5VQ8OhOwJ
– BTCETF_Token (@BTCETF_Token) November 6, 2023
Visit the bitcoin ETF Token website to purchase BTCETF in the pre-sale here.
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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