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Bitcoin price is up 0.22% in the last 24 hours to trade for $46,043 as of 12:50 a.m. EST time, with trading volume rising 35%.
It comes after the US Securities and Exchange Commission (SEC) approved all spot Bitcoin exchange-traded funds (ETFs).
🚨BREAKING🚨
Bitcoin ETFs Likely Approved by the SEC
It certainly looks like the #Bitcoin ETF Approval order had hit the SEC website but the link is no longer working. That said, this document looks accurate to me.https://t.co/NhJueWNPJ0 pic.twitter.com/W0ipnlg3j1
— James Seyffart (@JSeyff) January 10, 2024
The decision came after months of intense industry lobbying coupled with a series of amendments to 19b-4 filings. With the approval, the crypto industry experiences a paradigm shift, as both institutional and retail investors will henceforth enjoy access to Bitcoin via ETFs.
Even with the approval, the SEC articulated in an official statement that the decision was not an endorsement of Bitcoin. “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” the SEC wrote. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
A fee wars among managers of the investment products broke out even before they were approved, with institutions lowering their rates for competitive advantage. According to experts, BlackRock, Fidelity, and Grayscale could emerge as winners because of their heft in the market.
The #Bitcoin ETF fee war has begun in earnest, driving margins toward zero. My view is that only three survive long term:
– Blackrock: big enough to handle zero margin indefinitely
– Fidelity: large enough client base
– Grayscale: Largest AUM pic.twitter.com/SngMYWT4uR
— Vijay Boyapati 🦢 (@real_vijay) January 11, 2024
Bitcoin Price Outlook As Spot BTC ETFs Go Live In The US
With the launch of the spot BTC ETF expected to usher in a new era for crypto, the initial reaction of the market was to sell the news. As such, Bitcoin price dropped around 1% as an immediate reaction to trade for $45,967. While the price has since recovered to the $46,000 range, the odds still point to an extended fall.
It points to Bitcoin price having topped out, an outcome first hinted at after the fake spot BTCETF announcement broke, with BTC reacting by dropping 5%.
An evaluation of the 4-hour timeframe shows that the Bitcoin price will remain in an uptrend as long as three criteria are met. First, Bitcoin price must hold above the $44,700 level; Secondly, the 4-hour Exponential Moving Averages (EMAs) is respected, and third, the Relative Strength Index (RSI) must remain above 50.
With this outlook, Bitcoin price remains bullish with the next blockade expected between the $47,000 to $48,000 range.
$BTC 4H
As long as price holds above $44.7K & 4H EMAs are respected with RSI above 50, it's an uptrend$47K – $48K HTF resistance, still need strong 1H/4H close above $47.1K for the impulse into $50K
Looking at either a sweep of $45.7K for a long setup or reclaim of daily open pic.twitter.com/HHEhynS8nM
— Skew Δ (@52kskew) January 11, 2024
On the one-hour timeframe, Bitcoin price remains southbound, recording a series of red Japanese candles sitting on the support provided by the 50-day EMA at $46,000. Increased profit booking could see the price extend lower, to test the 100-day EMA at $45,553.
An extended fall could see the king of crypto, Bitcoin price, to the 200-day EMA at $44,888, or in the dire case extend a leg lower to the $43,860 midline of the weekly supply zone.
The RSI is southbound, suggesting falling momentum after crossing below the signal line (yellow band), a crossover interpreted as a sell signal. The histogram bars of the Awesome Oscillator (AO) are also flashing red and edging towards the midline as the bears steadily tighten their grip on BTC.
Converse Case
On the flip side, if buyer momentum increases, Bitcoin price could push north towards the $47,000 psychological level. In a highly bullish case, the gains could extend north past the $47,695 range high to the $48,000 level or higher, reaching the $50,000 level last tested in December 2021.
Meanwhile, attention has shifted to a new Bitcoin derivative, BTCMTX, providing investors with an entry into a cloud-mining ecosystem. The token features among analysts’ top picks for the best Web3 cryptocurrencies projects to invest in.
Promising Alternative To Bitcoin
BTCMTX is the ticker for the Bitcoin Minetrix ecosystem, a stake-to-mine project that makes BTC ownership achievable. To do this BTCMTX token holders can stake their holdings for credits and then redeem these holdings for mining hash power.
Do you follow the idea of #CloudMining for $BTC? 🌟⚒️
It's a way to mine #Bitcoin without the hassle of owning hardware.
💰 No need for upfront costs on equipment.
🔧 Only basic tech know-how is required. pic.twitter.com/MavCGFFphW— Bitcoinminetrix (@bitcoinminetrix) January 9, 2024
The project is in the presale stage, boasting upwards of $8.2 million in sales so far out of the $8.552 million target. Breaching the $8 million mark, this fast is evidence of the massive success the project continues to achieve.
Big News Alert! 📣#BitcoinMinetrix has passed the $8,000,000 raise milestone! pic.twitter.com/MNdhQOYzfJ
— Bitcoinminetrix (@bitcoinminetrix) January 10, 2024
Analysts say this penny crypto has potential for exponential growth. Investors looking to buy BTCMTX can do so on the website, where each token is selling for $0.0128.
Visit the Bitcoin Minetrix website to buy BTCMTX here.
Also Read:
- How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review
- Bitcoin Minetrix Presale Has Just Hours Left: Last Chance to Buy Before Price Rise
- Bitcoin ETF Hype Helps Attract $151 Million In Inflows To Crypto Funds In The First Week Of 2024
- X Blames SEC For Hacked Account That Led To Fake Announcement Of Spot Bitcoin ETF Approvals, Says Regulator Didn’t Have 2FA
- Spot Bitcoin ETF Launches Could Attract Inflows Up To $100 Billion In 2024, Pushing BTC To $200K In 2025, Standard Chartered Says
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