After years of meticulously planning and lobbying in Washington, DC, the cryptocurrency market might get the long-awaited green light for the spot Bitcoin exchange-traded funds (ETFs) today. The past few days have been a bee hive of activities for the officials of the fund managers who have applied for the spot in Bitcoin ETF.
Similarly, the US SEC officials have been conducting meetings to ensure the applicants have followed the set rules for listing spot ETFs. Consequently, several changes have been made by the respective fund managers, indicating an imminent approval.
Prepare for Huge Impact Ahead
The January 10th deadline for the US SEC to issue a decision for the Ark 21Shares Bitcoin ETF application has recently triggered heightened volatility. With nearly $1 billion from the crypto market liquidated in the past few days, many traders have taken shelter through the stablecoins market. Moreover, Bitcoin miners, among other investors, have been sending more coins to crypto exchanges, thus increasing the overall selling pressure.
Closer Look at Bitcoin Price Action Amid Spot ETF Frenzy
If the US SEC approves spotting Bitcoin ETF today, the cryptocurrency’s bullish sentiment will reign over the weekend and reach the next psychological resistance level above $50k. Bitcoin’s uptrend outlook is technically bolstered by a daily pennant formation, which often yields a bullish breakout. On the other hand, if the US SEC opts to delay the decision to spot Bitcoin ETF temporarily, the Bitcoin bulls have the range between $36k and $38k for notable support.
