Key Insights:
- BTC extended its winning streak to seven sessions on Wednesday, visiting a session high of $35,167.
- BTC-spot ETF amendment filings keep hopes alive of SEC approvals.
- The Sam Bankman-Fried trial resumes on Thursday, with news hitting the wires of SBF planning to take the stand.
BTC-Spot ETF Amendment Filings Continue to Drive Buyer Demand
On Thursday, Bloomberg Intelligence ETF Analyst James Seyffart shared a Bitwise Invest amendment filing for the Bitwise Bitcoin ETP Trust.
Seyffart noted that Bitwise filed the amendment in response to SEC requests, and the filing was not unexpected. There were no significant or unusual changes to the application. However, Seyffart highlighted the BITB ticker if the SEC gives the green light for Bitwise to launch.
Hashdex became a hot topic, with Nate Geraci, President of ETFStore, discussing nuances of the Hashdex BTC (DEFI) ETF filing.
Geraci highlighted that DEFI would acquire physical BTC and take pricing from a regulated market (CME).
In August, Hashdex entered the race to launch the first BTC-spot ETF in the US. The filing differed from the rest of the spot-ETF applications. Hashdex planned a hybrid ETF, a blend of BTC-spot, BTC Futures contracts, and cash and cash equivalents.
Crypto market participants considered the Hashdex approach a clever way to navigate SEC concerns about using unregulated exchanges.
With amendment filings flying thick and fast, the next focal points must be the approval and institutional interest. The markets are pricing in the SEC approval of BTC-spot ETFs.
However, institutional money inflows will be an unknown. Significant inflows would be necessary to initiate a sustainable BTC and crypto market bull run.
Sam Bankman-Fried Trial Resumes on Thursday
With the prosecution ready to rest, the focus will turn to the Sam Bankman-Fried (SBF) defense strategy. Evidence against SBF was damaging. Interest in the case could intensify, with SBF reportedly giving testimony. SBF must provide a convincing defense, with many calling the move a Hail Mary in a trial SBF could find hard to win.
The defense team will undoubtedly prepare SBF for a smooth session on the stand. However, SBF must successfully navigate the cross-examination to raise hopes of an SBF win.
Plea agreements and, in the case of Adam Yedida, protection from prosecution allowed witnesses to admit their guilt while discussing SBF’s involvement and knowledge of the crimes.
Bitcoin Price Forecast
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Bitcoin Analysis
BTC held above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC move through the $35,265 resistance level would give the bulls a run at the $36,400 resistance level. BTC-spot ETF activity will likely continue to sustain BTC at current levels. Hints of an imminent SEC approval could fuel another leg up, price-wise.
However, a BTC drop below $33,500 would bring the $32,436 support level into play.
The 14-Daily RSI reading of 88.12 indicates BTC is in overbought territory.
Ethereum Analysis
ETH remained above the 50-day and 200-day EMAs, affirming bullish price signals. An ETH break above the $1,805 resistance level would give the bulls a run at the trend line.
Amendment filings of crypto-spot ETF applications would raise bets on an ETH-spot ETF.
However, an ETH break below the $1,741 support level would give the bears a run at the 200-day EMA.
ETH is in overbought territory with a 14-Daily RSI reading of 73.54.
