Crypto News: BTC Extends Losing Streak to Four as Spot-ETF Approval Window Closes

Key Insights:

• BTC and ETH tumble as the window opening begins to close on approving 12 BTC-spot ETFs.
• SEC Chair Gary Gensler touts the SEC successes of FY 2023.
• On Wednesday, the selling pressure could accelerate without a crypto market catalyst.

BTC Slides as BTC-Spot ETF Window Begins Closing

Bitcoin (BTC) extended its losing streak to four sessions on Tuesday, falling 2.42% to end the day at $35,613. Ethereum (ETH) suffered heavier losses, sliding 3.66% to end the session at $1,988.00.

The approval window for the SEC to decide the fate of 12 BTC-spot ETFs closes on Friday. A lack of commentary regarding SEC plans to approve one, some, or all of the BTC-spot ETFs continued to impact buyer demand.

The Tuesday losses for BTC and ETH came despite the US equity markets rallying in response to the US CPI for October. Softer inflation figures raised bets on the Fed ending its rate hike cycle. The Nasdaq Composite Index rallied 2.37%.

SEC Chair Gary Gensler Showcases Crypto Misdeeds

On Tuesday, SEC Chair Gary Gensler shared the latest on the successes of regulation by enforcement, saying,

“The investing public benefits from the Enforcement Division’s work as a cop on the beat. FY 2023’s results demonstrate the Division’s effectiveness—working alongside colleagues throughout the SEC – in following the facts & the law wherever they lead to hold wrongdoers accountable.”

According to the Fiscal Year 2023 Enforcement Results, the SEC filed 784 enforcement actions, obtaining orders in the region of $5 billion in financial remedies while distributing nearly $1 billion to harmed investors.

SEC Chair Gensler lauded the SEC, saying, “The investing public benefits from the Division of Enforcement’s work as a cop on the beat.”

Referencing the crypto space, the SEC laid claim to litigated charges against fallen FTX CEO Sam Bankman-Fried and other FTX executives. Other fraud cases on the SEC list included Terraform Labs/Do Kwon, Richard Hear, Hex, PulseChain/PulseX, Genesis/Gemini, Celsius, Kraken, and Nexo.

However, the SEC Chair did not disclose the losses investors incurred because the SEC failed to protect investors. The SEC did mention the LBRY victory and enforcement actions against Binance and Coinbase (COIN), among others. The SEC did not mention the losses in 2023.

The losses are increasing, with US federal judges becoming harsh critics of the SEC. The SEC loss to Ripple on the Programmatic Sales of XRP was significant. Another significant loss was to Grayscale, which fueled bets on the SEC approving BTC-spot ETFs.

Technical Analysis

Bitcoin Analysis

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

A BTC return to $36,000 would support a break above the $36,400 resistance level to target $37,000.

Speculation surrounding SEC plans to approve the pending BTC-spot ETFs remains an area of interest.

A break below the $35,265 support level would bring sub-$35,000, the 50-day EMA, and the $32,436 support level into play.

The 14-Daily RSI reading of 60.78 suggests a BTC move to the $36,400 resistance level before entering overbought territory.

Ethereum Analysis

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

An ETH return to $2,000 would support a break above the $2,021 resistance level to target the $2,143 resistance level.

BTC-spot ETH and ETH-spot ETF updates remain the focal points.

However, a drop below $1,950 would give the bears a run at the $1,926 support level.

The 14-period Daily RSI at 60.70 suggests an ETH move to the $2,021 resistance level before entering overbought territory.