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Crypto News: Bitcoin Extends Winning Streak as Spot ETF Window Opens for Approval

By:
Bob Mason
Published: Nov 11, 2023, 04:14 GMT+00:00

The BTC bulls will be eyeing a five-day winning streak on Saturday. However, BTC-spot ETF-related news must be crypto-friendly to support more gains.

Crypto News

In this article:

Key Insights:

  • BTC extended its winning streak to four sessions on Friday, ending the day at $37,362.
  • On Friday, FTT Token surged by 97% as investors reacted to comments from SEC Chair Gary Gensler on an FTX reboot.
  • Crypto-spot ETF-related activity will remain the focal point on Saturday.

Bitcoin Extends Winning Streak to Four

After ending the Monday session flat, BTC extended its winning streak to four sessions on Friday. The BTC-spot ETF story remained the tailwind, with investors hopeful of an imminent SEC approval of one, some, or all the applications.

On Wednesday, the window opened for the SEC to approve 12 BTC-spot ETFs by November 17. On Thursday, Bloomberg Intelligence analysts James Seyffart and Eric Balchunas released their latest market analysis. The ETF analysts believed there was a 90% chance of BTC-spot ETF approvals by January 10, 2024.

BlackRock (BLK) confidence in the imminent approval of the iShares Bitcoin Trust contributed to the gains. On Friday, Charles Gasparino from Fox said,

“SCOOP: BlackRock growing increasingly confident the SEC will approve its BTC ETF by January, sources tell Fox Business […].”

SEC Chair Gary Gensler Sends FTT Token Up 100%

SEC Chair Gary Gensler spoke to CNBC on Friday. Discussing the possibility of bringing FTX back to life, SEC Chair Gensler said,

“If Tom or anyone else wanted to be in this field, I would say do it within the law. Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosure and also that you’re not co-mingling all these functions, trading against your customers, or using their crypto assets for your own purposes.”

Investors reacted to the comments, with FTT Token surging 97% on Friday, ending the day at $4.3264.

A graph with different colored lines Description automatically generated

Discussing regulation, Gensler continued to lay claim on the digital asset space, saying,

“There’s nothing about crypto that is incompatible with the securities laws. The securities laws are there to protect your viewers and the investing public so they get the proper disclosure and people aren’t using their funds on their behalf. And so, I think that we’ve got robust laws in the US.”

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs.

A BTC move through the $37,600 resistance level and the Thursday high of $38,020 would support a move toward the $39,600 resistance level.

BTC-spot ETF news will remain the focal point, with the window open for the SEC to approve 12 BTC-spot ETFs.

A BTC break below the $36,400 support level would give the bears a run at the $35,265 support level.

The 14-Daily RSI reading of 81.33 shows BTC sitting in overbought territory. Selling pressure may intensify at the $37,600 resistance level unless there is a crypto market catalyst.

BTC in oversold territory.
BTCUSD 111123 Daily Chart

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs.

An ETH break above the Friday high of $2,137 and the $2,143 resistance level would support a move toward the $2,300 resistance level.

Market sentiment toward the SEC and the approval of ETH-spot ETFs will remain the focal point on Saturday.

However, a fall through the $2,021 support level would bring the $1,926 support level into view.

The 14-period Daily RSI at 72.72 shows ETH in overbought territory. Selling pressure could intensify at the $2,143 resistance level.

ETH in oversold territory.
ETHUSD 111123 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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