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The week is going to be big for the crypto market and likely bring a much-needed recovery in Bitcoin and altcoins prices due to key decisions. Traders and whales await a potential ruling in the Grayscale v. US SEC lawsuit and the U.S. Securities and Exchange Commission’s decision on six Bitcoin ETF applications including BlackRock spot Bitcoin ETF.
Bitcoin and Crypto Market Recovery Likely This Week
Experts point to a much-awaited decision in the Grayscale vs US Securities and Exchange Commission lawsuit this week. The Grayscale ruling is likely to happen on Tuesday or Friday. Moreover, the SEC to decide on six Bitcoin ETF applications by leading asset management firms. The ETF applications submitted by Bitwise, BlackRock, VanEck, WisdomTree, and Invesco are expected to receive responses before the end of the week.
Bloomberg Intelligence ETF analysts earlier said Grayscale has a 70% chance of winning the SEC lawsuit. However, the court continued to postpone the ruling amid SEC Chair Gary Gensler’s reluctance to approve a spot Bitcoin ETF. Moreover, Grayscale’s victory in the lawsuit means the SEC will approve a spot Bitcoin ETF this year.
*Potential* ruling in Grayscale case tomorrow or Friday…
Plus, SEC decision likely forthcoming before the long weekend on numerous spot bitcoin ETF filings.
Chart courtesy of @JSeyff, who I’m assuming is tailgating all week. https://t.co/PPaJO46at2 pic.twitter.com/XZtDcWNbaP
— Nate Geraci (@NateGeraci) August 29, 2023
The decision on the Bitwise, BlackRock, VanEck, WisdomTree, and Invesco are due on Friday. A spot Bitcoin ETF approval or consideration by the US SEC will back positive sentiment in the crypto market. Bitcoin price will recover above the 200-WMA price of $27,580. MicroStrategy’s executive chairman Michael Saylor shared that BTC price rarely trades below 200-WMA, indicating that it’s time to buy the dip.
Also Read: Will Bitcoin Flip Below $25k Before Next Move Above $30k?
BTC Price To Rebound?
Bitcoin price action has mostly been sideways after the price fell below $25,800 in mid-August. Analysts believe Bitcoin will see an upside momentum if it closes the month above $26k.
In the 4-hour timeframe, Bollinger Bands are the narrowest and hint at a sudden massive move in BTC price. Traders must keep an eye on trading volume and macros factors such as DXY to confirm a recovery.
BTC price currently trades around $26950, moving toward another support level. The trading volume has increased by 35% in the past 24 hours.
Also Read: US SEC Filing Confidential Docs In Lawsuit Against Binance And CEO “CZ”
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