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Rally Continues on ETF Hopes
Bitcoin is trading at fresh year to date highs today as excitement builds around potential SEC approval of BTC ETF applications. Today marks the start of the first 8-day approval window ate the SEC for approving ETF applications ahead of the current January deadline. There are currently 12 applications pending with the SEC. Speculation around SEC approval has been a major driver of Bitcoin upside in recent months, fuelling the breakout above the 32185 level last month.
Institutional Demand
On the back of the recent Grayscale court victory, the market has taken the view that Bitcoin ETF approval is a more a case of ‘when’ rather than ‘if’. As such, bullish sentiment looks likely to continue through year end with any SEC approvals likely to drive a big wave of demand throughout the crypto sector, not just in BTC. With names like BlackRock and Fidelity awaiting having submitted applications, approval would mark a major move into the mainstream for BTC and is expected to tap into a heavy stream of institutional demand. With the next Bitcoin halving event due to follow soon after in April 2024, BTC bulls are hoping for a strong upside run in coming months to set up the next Bitcoin bull market.
Technical Views
Bitcoin
The BTC rally continues, with gains of over 120% YTD. Price recently broke above the 32185 level and is now testing resistance at 37030. This is a key level for the market and a break higher here will open the way for a test of 3986 next. To the downside, while bulls defend 32185, focus remains on further upside near-term.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.