Bitcoin price is up 5% in the last 24 hours to sell for $37,351 as of 12:24 AM EST. In the same timeframe, trading volume has soared 25%.
The trading volume surge comes amid soaring interest by traders as attention for BTC continues to grow. This follows a strong move on November 15, when the king of cryptocurrency exploded toward the $38,000 mark.
Amid late trading on Wednesday, November 15, Bitcoin price climbed 15% to reclaim the November 9 high of $37,972. Despite a brief correction, this level remains the barrier to beat and now traders are anticipating a move to $40,000.
$BTC retested and bounced as mentioned in the previous analysis. 40k next!
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— Beverly Baker (@cryptoexp58196A) November 16, 2023
The strong move in Bitcoin price came after a new development from the US Securities and Exchange Commission (SEC) regarding spot BTC exchange-traded funds (ETFs).
Bitcoin Price Gains Momentum As SEC Delays Hashdex Spot BTC ETF Application
In a Wednesday development, the US Securities and Exchange Commission delayed the Hashex spot BTC ETF application, two days before the eight-day window closing on November 17. With this product being the biggest catalyst for BTC at the moment, investors may have to wait a bit longer before approval comes in, with the window for approvals closing on Nov. 17.
— James Seyffart (@JSeyff) November 15, 2023
The Hashdex application came in in September, with the institutional player applying to have its Bitcoin Futures ETF converted into a spot ETF. The latest update is a delayed order, with a notice of the designation of a longer period for commission action on a proposed rule change. Along with Hashdex, the SEC also postponed the application for Grayscale’s Ethereum futures ETF.
🔥 The SEC has postponed a decision on Hashdex’s Bitcoin ETF proposal.
This week there are two important deadlines for Hashdex and Franklin (November 17), it is likely that Franklin will also be postponed.
Bloomberg: This information does not affect the possibility of a… pic.twitter.com/44nh5GUga9
— Bitcoin_Xfinance (@BTC_XFINANCE) November 16, 2023
This week there is another important deadline besides Hashdex, as Franklin is also on the calendar. It is also likely that Franklin will also be postponed.
ETF specialist with Bloomberg Intelligence, James Seyffart, thinks the chances of approval within the eight-day window are less than 50% but greater than zero. Nevertheless, his 90% probability of the commission meeting the January 10 deadline holds.
Okay, we’re nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there’s a pretty good chance we’ll see delay orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024 pic.twitter.com/LE7sOlHAHM
— James Seyffart (@JSeyff) November 14, 2023
If the financial regulator misses the November 17 window, it would push the decision to January by default, with the 10th being the hard deadline. Such an outcome would make January 10 the next time a strong Bitcoin pump could be expected.
Bitcoin Price Outlook As BTC Holds Above A Crucial Support
Hope for a continuation of the move north is alive. This is as Bitcoin price holds above the mean threshold ($26,788) of the supply zone extending from $36,276 to $37,301. A break and close above the $37,972 range high would not only render the supply one a bullish breaker but would also provide gusto for a continuation of the uptrend. $40,000 would be the next target objective if Bitcoin price breaches the $38,000 psychological level.
In highly ambitious cases, Bitcoin price could stretch to the $50,000 mark, 35% above current levels.
The Relative Strength Index (RSI) inspires hope, holding above 50 to show a strong price strength but just below 70 to show there is more room north before BTC is overbought. The Awesome Oscillator is also in the positive territory, showing the bulls have the upper hand. These support the bullish thesis.
However, if selling pressure increases and the supply zone fails to hold as support, Bitcoin price could slip through. A break and close below $36,788 would confirm the continuation of the downtrend with BTC likely to test the 25-day Exponential Moving Average (EMA) at $34,901.
Further south, Bitcoin price could extend to test the 50-EMA at $32,711, with the highly bearish case sending it below the 100-day EMA at $30,696 where it would invalidate the bullish thesis.
Meanwhile, attention has shifted to BTCETF as BTC enthusiasts and trading hobbyists front-run spot BTC ETF approvals. It is “the only token rewarding holders as Bitcoin ETFs are approved,” with experts ranking it among the top five crypto presales to buy in 2023.
As Bitcoin races to $40,000, investors have turned their attention to BTCETF, the powering token for the Bitcoin ETF Token project. It is the go-to place as a flood of spot ETFs is expected to bolster the crypto market with billions or even trillions more dollars. The Bitcoin ETF Token offers willing investors a chance to benefit directly from the imminent approval.
— BTCETF_Token (@BTCETF_Token) November 15, 2023
The Bitcoin ETF Token is an ERC-20 token that has been created to celebrate the expected arrival of Bitcoin ETFs in the US financial markets. The crypto community is chasing this product as its launch would simplify the process of acquiring BTC.
Specifically, it would allow market traders to purchase shares representing the digital asset through traditional brokerage accounts.
To be in on the action, enlightened investors are buying BTCETF for just $0.0054, with almost $824,000 already in the bag. This is out of the stage target of $1,310,400. Get ahead of the next price increase by heading over to the website to buy BTCETF at current rates.
Visit Bitcoin ETF Token website to buy BTCETF here.
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