Bitcoin
Bitcoin (BTC) News Today: BTC Stability as ETF Inflows Counterbalance Fed Rate Cut Jitters
“This is just not happening, guys. Sorry.”
According to Bloomberg article, ETH spot ETF applicants anticipate SEC rejections next week. Journalist Emily Graffeo had this to say about the Bloomberg article: saying,
“Some issuers are expecting a rejection next week because their private dialogue with the SEC has not been as robust as it was prior to the approval of spot Bitcoin ETFs.”
The May deadlines for the SEC to approve or disapprove ETH spot ETF applications are:
- VanEck Ethereum ETF: May 23, 2024.
- ARK 21Shares Ethereum ETF: May 24, 2024.
- Hashdex Nasdaq Ethereum ETF: May 30, 2024.
Shades of gray withdrew its application to the Grayscale Ethereum Futures Trust.
ETH gained 0.94% on Saturday (May 18) despite expectations that the SEC would decline spot ETF applications.
Technical analysis
Bitcoin Analysis
Bitcoin hovered well above the 50 days and 200 days EMAaffirming the signs of rising prices.
A BTC break above the $69,000 resistance level could give bulls a run towards the $70,000 level. A return to $70,000 would support a move towards the all-time high of $73,808.
Fed Chairman Powell, talks about the US BTC spot ETF market and SEC activities need to be considered.
On the other hand, a BTC drop below $65,000 would give bears a run to the $64,000 support level and the 50-day EMA. Buying pressure may intensify at the $64,000 support level. The 50-day EMA is confluent with the resistance level.
With a 14-day RSI reading of 58.26, BTC could surpass the $70,000 mark before entering overbought territory.