Bitcoin Price Awaits Breakout As BlackRock, SEC Duel Over ETF Listing Rules – Can Bitcoin Touch $50K?

The crypto market took a breather late last week following the brief rallies catalyzed by the Federal Reserve’s anticipation of three rate cuts in December. Investors in risk assets like Bitcoin and crypto also welcomed with open arms the decision to keep interest rates unchanged amid signs of falling inflation.

Following the FOMC meeting, Bitcoin price increased to above $43,000 but left the key determinant level at $44,000 untouched. This situation quickly sunk holes in the bullish outlook, resulting in negative pressure throughout the weekend and early this week.

Growing optimism ahead of the approval of the first Bitcoin spot exchange-traded funds (ETFs) in the US saw the market generally resume the uptrend, but uncertainly among investors curtailed the expected gains, leaving BTC to wobble above support at $42,500.

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Bitcoin Price Prediction: Can BTC Rise To $50k In December?

Traders are not willing to bet on short positions in BTC, considering the coin has successfully tested support areas at $40,000 and $42,500 and bounced back. At the time of writing, Bitcoin has climbed to trade at $43,664 as bulls push towards one of the deciding price levels at $44,000.

The Moving Average Convergence Divergence (MACD) indicator dons a buy signal, suggesting that the renewed uptrend may be sustained toward the coveted $50,000 level.

A bullish crossover, created by the 20 Exponential Moving Average (EMA) (in blue) and the 50 EMA (in red) improves the odds of a breakout above $44,000 and could spread FOMO among investors and subsequently catalyze the climb to $50,000.

Based on the Money Flow Index (MFI), there’s more money flowing into Bitcoin than the outflow volume. If this trend continues as the MFI rises into the overbought area, the path with the least resistance will majorly remain to the upside.

BlackRock, SEC Meet To Discuss Bitcoin ETF Listing Rules

Officials from BlackRock, Nasdaq, and the Securities and Exchange Commission (SEC) are reported to have met for the second time in December to deliberate rule changes needed to support the expected listing of spot Bitcoin ETFs.

“The discussion concerned The NASDAQ Stock Market LLC’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under Nasdaq Rule 5711(d),” a meme regarding the rule change read in part.

Nasdaq provides a framework and the associated regulatory guidelines necessary for listing and trading of Commodity-Based Trust Shares and outlines the requirements for the first and progressive listings. This would also include surveillance and compliance rules put in place to retain market integrity while preventing fraudulent activities.

If the ETFs are approved, Bitcoin price could explode to new all-time highs as institutional investors rush to seek exposure via the new investment vehicles. Market analysts expect BTC to rally following the approval with some projecting a rally to $160,000 in 2024.

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