SEC Insider: Bitcoin ETF Approval Probability Surges Beyond 99% As BTC Hits Fresh Yearly High
December 05 2023 - 8:00PM
NEWSBTC
In the countdown to the deadline for the long-awaited Bitcoin ETF
applications by major asset managers worldwide, predictions
regarding the rate of approval have significantly improved.
Inside sources from the US Securities and Exchange Commission (SEC)
indicate that Bloomberg’s initial 90% chance prediction of approval
has now surged beyond 99%. This development has heightened
the excitement surrounding this investment vehicle, which has the
potential to bring substantial inflows of capital into the Bitcoin
market and further amplify its year-to-date gains of over 153%.
Market Sentiment Soars As Bitcoin ETF Approval Probability
Surpasses 99% Andrew, an SEC insider, shared an update on X
(formerly Twitter), stating that the 99% probability of a Spot
Bitcoin ETF being approved is no longer deemed high enough.
While acknowledging that nothing is ever certain, the source
emphasized that the current likelihood of approval surpasses the
99% estimate from the previous week. The sentiment in the market is
clearly reflected in the price movement of Bitcoin, as it continues
to establish new yearly highs and display unwavering bullish
momentum. Related Reading: Analyst Says Solana At Risk Of
Pullback: Here Is The Target Currently trading at $42,900, Bitcoin
recently reached a fresh annual peak of $43,400 on Tuesday. Over
the past 24 hours, the largest cryptocurrency has surged by 4%, and
it has witnessed a remarkable increase of over 14% in the past
seven days. It is worth noting that the prospect of a Bitcoin ETF
being approved has captured the attention of investors and industry
participants alike. If approved, the ETF would provide a regulated
and accessible investment vehicle for institutional and retail
investors, potentially bringing significant liquidity to the
cryptocurrency market. The spike in approval forecasts to
over 99% has further fueled optimism that this milestone decision
is imminent. While nothing can be guaranteed, the growing
confidence in Bitcoin ETF approval and the cryptocurrency’s
impressive price performance underscores the potential for a
significant positive impact on the market. As the final
deadline approaches, market participants eagerly await the SEC’s
decision, anticipating a potential game-changer for the Bitcoin
ecosystem and its ongoing growth. BTC Faces Crucial Range High
Resistance Renowned crypto analyst Rekt Capital has shed light on
Bitcoin’s recent price action, emphasizing the significance of key
support and resistance levels within a specific price range.
In late November, Rekt Capital identified a range between $36,120
and $43,200, highlighting the importance of the lower boundary for
a potential upward move. Related Reading: Shiba Inu Set To
Establish A New Era For Shibarium Burns Bitcoin successfully tested
and held the range’s lower boundary as support, resulting in a
substantial rally in recent days. The primary objective now,
according to Rekt, is to revisit the upper boundary, known as the
black $43,900 range high resistance, as seen in the chart below.
Rekt Capital underscores the importance of the black Range High
resistance as a crucial reference point for Bitcoin’s price. During
the parabolic phase of the 2021 Bull Market, Bitcoin managed to
break above this level relatively easily. On two occasions,
the cryptocurrency surged beyond the black level, with the first
instance followed by a retest of the level as a new support,
leading to further upward momentum. The second instance
occurred later in the year when Bitcoin successfully retested the
black level as short-term support before continuing its ascent.
However, late in 2021, Bitcoin lost the black level as support
(first red circle from the left) and experienced a fake breakout
above it, subsequently entering a multi-week downtrend. Rekt
Capital highlights that Bitcoin’s historical performance suggests
the cryptocurrency needs to successfully retest the black $43,900
level as support to pave the way for further upward movement.
Featured image from Shutterstock, chart from TradingView.com
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