Crypto News: Bitcoin Falls to Sub-$37,000 While DOGE Eyes the Moon

Key Insights:

• Bitcoin (BTC) and ethereum (ETH), crashed alongside the broader crypto market on Thursday.
• Dogecoin (DOGE) hit $0.0836 on news of a moon mission.
• Slow progress toward a BTC-spot ETF market remains a headwind.

SEC Drags Its Feet on BTC-Spot ETF Applications

Bitcoin (BTC) fell by 4.48% on Thursday. Notably, this marks the fifth decline in the last six sessions. After striking a 2023 high of $38,029 on November 9, 2023, the hopes of a BTC-spot ETF market by the end of the year faded.

An approval window for the SEC to decide on 12 BTC-spot ETF applications opened on Monday, November 13, and closes on Friday, November 17. As of the end of business on Thursday, the SEC has not approved any crypto-spot ETF applications, and it appears unlikely that they will do so until at least January.

For any twitchy investors, the first ‘final deadline’ is January 10, 2024, for ARK 21Shares Bitcoin ETH (Re-filing).

BlackRock (BLK) filed the iShares Ether ETF S-1 form after filing the 19b-4 last week. The administration process continued behind the scenes as investors monitored the news wires for BTC-spot ETF-related news.

DOGE Heads to the Moon

Dogecoin (DOGE) cemented its number nine spot in the crypto rankings by market capitalization on Thursday. DOGE rallied 4.60%, ending the session at $0.0796. Notably, DOGE struck a session high of $0.0836, the highest level since $0.0838 on July 25, 2023.

Dogecoin announced plans to send a physical dogecoin to the Moon in The Moon Box. According to the post, DOGE will travel on ULAlaunch’s Vulcan Rocket on December 24, 2023.

A letter addressed to DogecoinOnTheMoon congratulated Dogecoin for its reservation, saying,

“You have joined an exclusive group of Space Pioneers leading a new era of space activity on the Moon. By sending your keepsake to the Moon, you are forever linking your story to the night sky.”

This morning, DOGE was up 2.89% to $0.0819. A bullish crossover of the 50-day EMA and the 200-day EMA could support a breakout above the $0.0838 resistance level, with a target of $0.0850.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC return to $37,000 would support a break above the $37,600 resistance level to target the November 9 high of $38,029.

Crypto-spot ETF-related news remains the focal point, with investors anticipating an influx of institutional money.

A fall through the $36,400 support level would give the bears a run at the $35,265 support level.

The 14-Daily RSI reading of 60.42 indicates a BTC break above the $37,600 resistance level before entering overbought territory.

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An ETH return to $2,000 would support a move through the $2,021 resistance level to target the $2,100.

However, a break below the $1,926 support level would bring the trend line into view.

The 14-period Daily RSI at 58.04 suggests an ETH break above the $2,021 resistance level before entering overbought territory.