beehiiv-import

⚡Spot Bitcoin ETF's Future in Jeopardy🪓

Croxroad

26 Dec 2023 — 3 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

✂️ SEC's Deadline Demand

The Securities and Exchange Commission (SEC) has introduced a new deadline for spot Bitcoin ETF filings, raising concerns that failure to meet it may lead to rejection. The anticipated approval of the ETF on January 10 has become a focal point for the current trajectory of Bitcoin's price. The SEC's recent meeting with representatives from major players like BlackRock and Grayscale emphasised a December 29 deadline for filing updates, with a warning that missing this cutoff could result in being excluded from the initial wave of approved ETFs. As the crypto market anxiously awaits the outcome, key asset managers have a critical 72-hour window to secure approval before the end of the year.

Bitcoin's current price, residing at $43,530, reflects a period of sideways movement, unable to breach the $44,000 resistance level. The market appears dormant, with indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) showing mild bearish signals. Until the spot BTC ETF approval date approaches, the cryptocurrency is likely to continue trading sideways below the psychological level of $44,000. However, the market sentiment could shift with updates expected by December 29 regarding which applications stand a chance of approval by January 10, potentially driving a rally and transitioning the trend from neutral to bullish, pushing Bitcoin's price beyond $44,000.

🎉 Bitcoin's Year-End Ascent

Throughout the year, Bitcoin's price has surged by an impressive 160%, hitting its highest point on December 8. Despite a bullish weekly Relative Strength Index (RSI), the daily RSI signals some bearish tendencies. Last week, Bitcoin closed above a crucial resistance level, signalling a positive trend.

However, amidst this optimism, signs of short-term weakness are emerging, leaving the question of whether the final week of 2023 will be bullish or bearish. The recent price movement adds uncertainty, especially concerning Fib retracement levels, making it unclear if Bitcoin has definitively broken out of its current pattern.

The Relative Strength Index (RSI) currently stands above 50, indicating a bullish trend. Traders and analysts on X share a generally optimistic outlook, with CredibleCrypto attributing the potential for continued price increase to dynamics between spot and futures buyers. On the other hand, James Van Straten is more ambitious, predicting a $500,000 BTC price based on its outperformance compared to previous cycles.

Technical analysts employing the Elliott Wave theory suggest that Bitcoin may have completed the third wave of an upward movement, currently undergoing a correction. The bearish divergence in the daily RSI suggests a local top, potentially leading to a temporary dip to $40,000 before a rebound to $50,000. Despite short-term bearish predictions, a breakout from the current channel could accelerate Bitcoin's price toward the $50,000 resistance, constituting a 15% increase from its current value.

🖲️ Where can I Track my Bitcoin Transaction?

The block explorer serves as a window into the transparent world of Bitcoin transactions, offering an interface that displays every transaction recorded on the public ledger. This ledger functions as a real-time record of all Bitcoin transactions, embodying the complete transparency of the Bitcoin network. Within this ledger, information is organised into blocks, each comprising numerous log commands. The process involves adding a block to the network, thereby finalising the actual transaction and contributing to the ongoing transparency of the Bitcoin ecosystem.