Sign Up on MEXC
BTC price reacted positively to the landmark victory of the largest digital assets investment manager, Grayscale Investments against the United States Securities and Exchange Commission (SEC).
The appeals court rejected the SEC’s decision to stop the conversion of the company’s Bitcoin Trust product into an exchange-traded fund (ETF), following a reevaluation of its initial proposal.
Will BTC Price Climb to $30k or Drop To $25k
Crypto participants in the US and the world at large continue to wait with bated breath for the SEC to approve the first spot Bitcoin ETF. ETFs carry a lot of weight when it comes to the mainstream adoption of cryptocurrencies. They are a conduit for conventional investors to dip their feet in the crypto verse, without the need to hold the underlying digital asset like BTC.
Despite Grayscale’s victory, the road to the first approval of a spot ETF is very uncertain and remains at the mercy of the SEC, which is expected to decide on seven more proposals whose deadlines come in a week.
99.99999% of the world doesn't know that the SEC has to decide on 7 BTC ETFs within the next 3 days:
-blackrock
-bitwise
-vaneck
-wisdomtree
-invesco
-fidelity
-valkyriethe suits at our doorstep
— odin free 🦇🔊 (@odin_free) August 29, 2023
On September 1, Bitwise, an investment company, will know the fate of its spot BTC ETF proposal. BlackRock, VanEck, Fidelity, Invesco, and WisdomTree are all waiting for the SEC’s verdict for their funds – anticipated by September 2, as indicated in numerous SEC filings.
Concurrently, Valkyrie is expecting a response from the SEC about its application by September 4.
Meanwhile, BTC price jumped in the direction of $30,000 following the appeals court ruling after consolidating its August losses around $26,000 and the major support at $25,000.
Some size context for why $GBTC is a big deal.
The Grayscale Bitcoin Trust controls more than 635k BTC.
That's like 4.5 times the size of MicroStrategy.
Simply put they dominate the ETF-like products holding spot BTC by a big margin. pic.twitter.com/5lhwJKhhKy
— ecoinometrics (@ecoinometrics) August 29, 2023
The largest crypto tested resistance at $28,000, reinforced by two indicators; the 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue). Although up 5.2% to $27,420, Bitcoin has corrected from the weekly high of $28,280.
If investors continue to heed the call to book fresh positions in BTC ahead of an expected climb above $30,000, the path with the least resistance would stick to the upside.
The Moving Average Convergence Divergence (MACD) indicator reinforced the bullish outlook with a buy signal. Traders consulting this momentum indicator buy when the MACD line in blue flips above the signal line in red.
If investors missed out on the sudden rally from $26,000 to $28,230, they may want to wait until BTC price confirms a breakout above the confluence resistance of around $28,000. Such a move would serve as an assurance of enough momentum to see Bitcoin through $30,000.
Considering the weak market structure, investors should also prepare for a plausible correction back to $26,000 and possibly $25,000. At the same time, September might not be an easy month for BTC price, especially if the Federal Reserve in the US hikes interest rates again as it tightens its grip around the stubborn inflation.
Additionally, there is a possibility of the SEC approving ETF proposals as a batch or postponing the decision to a later date. The former outcome would be extremely bullish for BTC price while the latter may keep the market depressed, possibly paving the way for losses to $20,000.
Related Articles
- Crypto Prices Today: Bitcoin, Pepe Coin And TON Shows Promising Price Recovery
- Just In: Binance Ushers in “Send Cash” Crypto Platform in Latin America
- Suspicious Bitcoin Trading Seen Prior To Grayscale Lawsuit Victory
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
