The launch of the Bitcoin Spot ETF might happen as soon as the day after the SEC's important vote on the judgments on outstanding applications.
Spot Bitcoin ETF candidates must have two sets of approvals from the SEC: the 19b-4s and the S-1s.
The psychologically significant $45,000 level is the target of Bitcoin price recovery.
Some say the US financial regulator would approve Bitcoin Spot ETFs this week, according to Bloomberg. The deadline for the securities product is January 10, and Bitcoin holders are eagerly anticipating the SEC's approval.
According to Bloomberg, industry sources are speculating that the regulator would publish many Spot Bitcoin ETF applications all at once before the January 10 deadline. While waiting for the SEC's judgment, about a dozen candidates have already secured seed funding and promoted their Spot BTC ETF.
Breaking News: Bitcoin Spot ETF Could Get Approval By Wednesday
The approval of Bitcoin Spot ETFs is contingent upon the fulfillment of two technical conditions.
Monday at 8:00 AM ET (1300 GMT), issuers are required by the SEC to submit their revised S-1 forms. Exchanges must file 19b-4 forms with the SEC and issuers must file S-1 forms in order for a Bitcoin Spot ETF to begin trading.
These two need approval from the regulator before ETF trading can begin, and that approval may come as soon as the next day.
Approval of issuers' updated S-1 forms is pending SEC approval, which may happen as soon as this week's Tuesday or Wednesday.
This week is crucial for Bitcoin investors and market players, as a Reuters story states that a source has suggested that the SEC Commissioner vote is likely to occur on Wednesday.
S-1 paperwork must become effective (probably this week) for all eleven ETF issuers, who have already modified their 19b-4 and are now seeking clearance.
Market participants and issuers alike should keep a close eye on the SEC's decision about the new securities product from Monday through Wednesday of this week for any adjustments or revisions.
With billions of dollars on the line, Bloomberg states that the approval of a Bitcoin exchange-traded fund (ETF) would be a turning point for the digital asset market.
Crypto specialists, such as Michael Anderson of Framework Ventures' Crypto Ventures, think the market is underestimating the possible effect of an ETF approval, and they anticipate both institutional and individual investors to pour funds into the new securities product.
Analysis from a technical standpoint: Returns to $45,000 in the Bitcoin price range are possible.
Since September 11, 2023, the price of bitcoin has been steadily rising. With the exception of December 2023, when prices remained flat below $45,000 for much of the month, the price of bitcoin has ordinarily created higher highs and higher lows.
Between $43,277 and $44,858, 2.29 million wallet addresses purchased 994,920 BTC, valued at almost $43.57 billion (at an average price of $43,802, as reported on IntoTheBlock), making $45,000 a psychologically significant figure for Bitcoin holders.
The price of Bitcoin plummeted from a high of $69,158.74 to a low of $15,541.05. This decline occurred between November '21 and November '22. The biggest cryptocurrency is targeting a return to $45,000 after maintaining a price above the 50% Fib level ($42,349.89) of this decline in January 2024.
The price of bitcoin is now higher than its two long-term exponential moving averages, which are the 50-day average at $41,337.99 and the 200-day average at $34,211.52.
The bullish thesis for Bitcoin price might be thrown out if the daily candlestick closes below the 50% Fib level at $42,349.89. In its downward trend, BTC may find support around $41,338.66, its 50-day exponential moving average.
