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bitcoin price rose 1.21% to trade at $43,633 at 12:35 am EST, and trading volume fell 25%.
Trading volume is falling as the market acts cautiously following the January 3 crash that saw both long and short sellers hurt. This is best seen in the btc liquidation heatmap, which shows that the price of bitcoin is still in limbo.
The cryptocurrency market may have to wait for positions to build up again to determine the next directional bias.
It comes as the window for approval of exchange-traded funds (ETFs) opens and as Bloomberg Intelligence analysts reiterate that there is a 90% chance the Securities and Exchange Commission will give the green light to bitcoin ETFs before from January 10.
Meanwhile, the January trading session in New York was eventful, with numerous developments on the btc ETF theme. For starters, Grayscale officially listed GBTC on its retail website, and the company's CLO, Craig Salm, revealed that he was filling out some forms.
Just filling out some forms
—Craig Salm (@CraigSalm) January 4, 2024
Additionally, a senior TechCrunch reporter, Jacquelyn Melinek, said on X that the SEC will approve spot bitcoin ETFs for several companies today, January 5, citing “sources extremely close to the matter.”
I've heard from sources very close to the matter that the bitcoin Spot ETF will be approved by the SEC for applications from *multiple* companies.
– Jacquelyn Melinek (@jacqmelinek) January 4, 2024
On the other hand, CoinShares head of research James Butterfill shared that the current price of bitcoin points to the market pricing $1 billion in US spot ETFs. The executive based his thesis on the firm's cash flow model.
However, the climax of Thursday's session came when asset managers filed their Form 8-As.
bitcoin Price Rebounds Amid News of Asset Managers Filing Their 8-A Forms in Progress Towards Possible btc Spot ETF Approvals
Grayscale, Valkyrie, VanEck and Cathie Wood's Ark Invest joined Fidelity in presentation his shape 8-As, in a move that signaled progress toward possible spot bitcoin ETF approvals. The filings point to a registry that allows issuers to trade on an exchange upon product approval.
Bloomberg analyst Eric Balchunas says the SEC is giving its final comments to issuers on their applications, and multiple applicants will file their final 19b-4s and S-1s after the comments. In his opinion, we are closer than ever to the official approval of spot bitcoin ETFs in the United States.
However, it is still unclear which ETF applicants will receive approval first, with some like Bitwise, Hashdex, and VanEck already running advertisements. Companies such as Fidelity, BlackRock and Grayscale are among those in the running, and several applicants have already filed their securities registrations with the financial regulator, a sign that the first approvals are just around the corner.
bitcoin Price Forecast as Window Opens for btc Spot ETF Approval
bitcoin price remains bullish and consolidates within the confines of an ascending parallel channel. It remains within the midline of this bullish technical formation after the January drop triggered by a Matrixport report that dumped millions of dollars in positions down the drain.
Judging by the outlook for the Relative Strength Index (RSI), bitcoin price could fall before moving north. The RSI moves south to show that momentum is falling. The Awesome Oscillator (AO) indicator also supports the bearish outlook and shows that sellers are also in play. However, as long as the price remains within the channel boundaries, the bulls can expect further gains.
It is also worth noting that the Average Directional Index (ADX) indicator is falling to show that the strength of the red candle (bearish pull) is fading. In particular, the ADX quantifies the strength of a trend: the price of bitcoin has recorded lower highs since the beginning of the year, and this trend is now declining.
Since the ruling pattern is an ascending triangle, bitcoin price could reach $48,000 if approval comes, before a correction following a possible “buy the rumor, sell the news” situation.
However, without approval, investors can expect continued consolidation or early profit booking.
Reverse case
On the other hand, if the bears take control, the price of bitcoin could fall, surpassing the psychological level of $40,000. In the most severe case, the drop could see the market value of btc reach $37,800. However, for the prevailing bullish thesis to be invalidated, the price must break and close below the psychological level of $30,000.
However, as noted, for the next directional bias the market must wait for positions to build up again, as traders are still in a state of risk aversion. This explains the low trading volume.
Meanwhile, as investors look to take advantage of the bitcoin rally that btc ETF approvals could trigger, enlightened investors are looking for ways to own btc. This explains the growing attention and interest in BTCMTX, which is among crypto-icos-2024-top-picks-big-returns-juliana-clarisse-calsona-zcxqe” target=”_blank” rel=”noopener”>Analysts' top picks for the best ICOs to buy in 2023..
Promising alternative to bitcoin
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—Bitcoinminetrix (@bitcoinminetrix) January 4, 2024
The bitcoin Minetrix ecosystem symbol is among Analysts' Top Picks for Best Investments in 2024 with Potential for 1000X Returns. It is a mining staking project, where investors stake their BTCMTX tokens for credits and then redeem these credits for mining hash power.
The Stake-to-Mine concept is a novel idea that promises to bring bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Mining returns to the realm of possibility for ordinary human beings. crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto fans, for several reasons.
Users of #BTCMTX I just need one ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum compatible wallet like #MetaMaskmaking things very simple. pic.twitter.com/XJmuATMaXW
—Bitcoinminetrix (@bitcoinminetrix) January 4, 2024
Investors wishing to purchase BTCMTX can do so on the bitcoin Minetrix website, where each token is sold for $0.0126. This price tag will only be on the shelf for the next 24 hours, after which the price will increase.
This makes it your last chance to take advantage of low fares, as there are barely 24 hours left. Join the BTCMTX community to be part of the transformation of accessibility and security in mining, achieved through innovative cloud mining and staking methods.
Enter the vibrant world of #bitcoin Miningwhich will skyrocket to become a $12 billion industry by 2027.
Through #BitcoinMinetrix, we are transforming accessibility and security in mining, using innovative cloud mining methods and staking for everyone. pic.twitter.com/AFhLqpEfcD
—Bitcoinminetrix (@bitcoinminetrix) January 2, 2024
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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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