Bitcoin
Bitcoin (BTC) News Today: $70,000 in View as Spot ETF Market Eyes Five-Day Streak
“We believe that the market may be underestimating the timing and chances of possible approval. We believe the chances of approval (in May) are close to 30-40%.”
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas had this to say to say,
“The same thing happened a few days before BTC was approved, people showed up at the last minute and said “it’s going to be denied” because why not? It’s like a way to get out of the money call option to gain notoriety if that happens. There is no harm if they are wrong. Risk-free PR move. This is the same business.
Deadlines for the SEC to approve or disapprove the applications of three ETH spot ETF issuers are quickly approaching. The VanEck Ethereum ETF and the ARK 21Shares Ethereum ETF have deadlines of May 23 and 24, respectively. The Hashdex Nasdaq Ethereum ETF has a deadline of May 30th. Grayscale recently withdrew its application for the Grayscale Ethereum Futures Trust.
Doubts about the SEC’s approval of ETH’s first wave of spot ETF applications led to ETH’s retreat from a value of $4,000 to less than $3,000 before stabilizing.
Technical analysis
Bitcoin Analysis
Bitcoin remained comfortably above the 50 and 200 day limits EMAconfirming upward price trends.
A BTC breakout of the $67,500 level could support a move towards the $69,000 resistance level. A BTC break above the $69,000 resistance level could give bulls a run to the all-time high $73,808.
US BTC spot ETF market flow data, SEC activity, and investor sentiment towards the Fed’s September rate cut need to be considered.
On the other hand, a BTC break below the $64,000 support level and the 50-day EMA could give bears a run to the $60,365 support level.
With a 14-day RSI reading of 58.35, BTC could return to the $70,000 level before entering overbought territory.