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The price of bitcoin (btc) is being influenced by broader market volatility and the possible approval of spot bitcoin exchange-traded funds (ETFs).
With bitcoin ETF and Spot Ether ETF filings making headlines, investors are closely watching every move made by applicants and the U.S. Securities and Exchange Commission (SEC).
Delays send the market into a tailspin, while signs of progress boost sentiment.
Long-term (1+ year) btc holders currently own ~69% of the supply
https://t.co/rQNDofGvcH pic.twitter.com/T9GOOCu5FV– IntoTheBlock (@intotheblock) October 13, 2023
bitcoin Price Rises as US SEC Misses Appeal Deadline Following Grayscale Victory
The price of bitcoin rose about 3% during the final hours of the New York session on October 13, when it became clear that the SEC will not appeal an August 29 ruling in favor of Grayscale.
In that ruling, a judge said the regulator’s decision to approve bitcoin futures ETFs, but not bitcoin ETFs, was “arbitrary and capricious.”
ORDERED and RESOLVED that Grayscale’s petition for review be granted and the Commission’s order vacated, in accordance with the opinion of the court filed herein on this date.
The SEC had 45 days, ending October 13, to appeal the ruling.
Benzinga (and others) report that Reuters reports that the SEC will NOT appeal the Grayscale case. pic.twitter.com/yd9BBtRwv5
– Eric Balchunas (@EricBalchunas) October 13, 2023
As a result, Bloomberg ETF experts James Seyffart and Eric Balchunas have adjusted their Spot btc ETF approval odds from 75% to 90%.
I’ve received a lot of questions about my current vision for Spot. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF for the last two weeks. This is the first section of the note that I published yesterday with @EricBalchunas.
TLDR: Our opinion hasn’t changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
-James Seyffart (@JSeyff) October 13, 2023
The prospect of approval from a queue of applicants that includes fund management titans including BlackRock, Fidelity and Ark Invest has analysts anticipating an influx of liquidity into the market.
This could potentially trigger a long-awaited bull run that could be fueled by the btc halving in April 2024.
InsideBitcoins has reviewed some of the best altcoins to buy before this calendar date.
Invesco Galaxy has now updated its S-1 bitcoin spot ETF, following ARK in response to the SEC’s comments. Hoping the rest add their updates soon too. pic.twitter.com/JxzVMwLd4D
– Eric Balchunas (@EricBalchunas) October 13, 2023
bitcoin Price Forecast with $30,000 in Sight for btc
At the time of writing, the price of bitcoin is $26,874, registering a 0.5% increase on the day. It continues to consolidate above an ascending trend line, keeping btc bullish from an overall perspective.
With popular cryptocurrencies above this bullish technical formation, bitcoin price could extend northwards, potentially making inroads into the $28,000 psychological level.
Further buying pressure could see btc break the $28,831 resistance level, or higher, to break the $29,891 barricade.
A break and close above this level would confirm the uptrend, clearing the way for a possible reach of the range high of $31,804. Such a measure would constitute a 20% increase above current levels.
The Relative Strength Index (RSI) has deviated northwards to show increasing momentum. This is reinforced by the position of the Awesome Oscillator (AO) indicator above the midline or in positive territory.
Conversely, if selling pressure increases, driven by profit-taking, bitcoin price could lose the support offered by the ascending trend line and fall below the psychological level of $26,000.
Further selling pressure could send btc below the 50% Fibonacci retracement at $25,732, which marks the midline of the market range measured from the March 10 low of $19,664 and the July 13 high of $31,804.
In a severe case, a break and close below the September 11 low of $25,118 would invalidate the current bullish outlook.
Investors who want to get in on the bitcoin action can also do so through BTCMTC, the token that powers the bitcoin Minetrix ecosystem.
bitcoin Alternative
BTCMTX passes as the secure alternative to bitcoin. Their ecosystem, bitcoin Minetrix, mines btc on their behalf.
Buy and stake BTCMTX tokens to join the community, a secure bitcoin cloud mining platform.
Simplified mining experience! #BitcoinMinetrix Imagine a solution for silent and orderly mining.
No complicated setups, disturbances or overheating – simply effortless and uninterrupted $btc cloud mining!#CryptoCommunity pic.twitter.com/LM6XH5RyNy
—Bitcoinminetrix (@bitcoinminetrix) October 13, 2023
The project is in the pre-sale stage, with each BTCMTX token selling for $0.011. The latest website update shows sales have increased to more than $1.3 million, from a soft cap of $1.54 million. There is only a little over one day left to purchase BTCMTX at the current discounted rates.
An impressive milestone achieved by #BitcoinMinetrix!
Breaking the $1,200,000 mark! pic.twitter.com/DwCXcHjdFV
—Bitcoinminetrix (@bitcoinminetrix) October 13, 2023
BTCMTX is a high utility token that helps its holders earn credits that can be exchanged for mining hash power.
Buy BTCMTX 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 1000% APY
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