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Crypto News: Optimism Toward BTC-Spot ETF Approvals Sends BTC to $30,600

By:
Bob Mason
Updated: Oct 24, 2023, 01:42 GMT+00:00

Market speculation on BTC-spot ETF approval stirs excitement, propelling Bitcoin to $30,000.

Crypto News

In this article:

Key Insights:

  • Bitcoin (BTC) gained 10.43% in the week ending October 22, with ETH hot on its heels.
  • Market bets of an imminent approval of the BTC-spot ETF applications have fueled buyer appetite.
  • On Monday, BTC visited an early high of $30,636, with ETH eyeing $1,700.

Bitcoin-Spot ETF Optimism Returns BTC to $30,000

Optimism toward the SEC approving the BTC-spot ETF applications continued to drive buyer appetite for BTC.

Coinbase (COIN) Chief Legal Officer Paul Grewal joined the chorus, echoing the market optimism. Speaking to CNBC, Grewal reportedly said,

“I’m quite hopeful that these (ETF) applications will be granted, if only because they should be granted under the law.”

Grewal went on to say,

“I think that the firms have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services. So that, I think, suggests that we will see progress there in short order.”

Recently, Bloomberg Intelligence ETF Analyst James Seyffart put the chances of the SEC approving the Ark Invest BTC-spot ETF at 90%.

In the week ending October 22, BTC gained 10.43% on optimism toward the SEC approving BTC-spot ETF applications.

Prosecution to Rest in the Sam Bankman-Fried Trial

On Thursday, the prosecution scheduled to rest their case against Sam Bankman-Fried (SBF). Prosecution witnesses included Adam Yedida, Caroline Ellison, Gary Wang, and Nishad Singh.

Caroline Ellison, Gary Wang, and Nishad Singh signed plea agreements with the Department of Justice. Adam Yedida gave testimony under immunity from prosecution. Each gave damaging testimony, confessing to committing crimes with SBF or being aware of SBF committing crimes that led to the downfall of Alameda and FTX.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC breakout from the Monday high of $30,636 would support a move toward the $31,143 resistance level.

Progress toward the SEC approving the BTC-spot ETFs remains the tailwind for BTC and the broader market. However, investors must consider the lingering threat of a US Administration clampdown on the US digital asset space. The reported use of crypto in financing terrorism put the spotlight on the crypto market.

A break below the $30,107 support level would give the bears a run at the $29,193 support level.

The 14-Daily RSI reading of 75.36 shows BTC in overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 231023 Daily Chart

Ethereum Analysis

ETH sat above the 50-day EMA while hovering below the 200-day EMA, sending bullish near-term but bearish longer-term price signals. An ETH break above the 200-day EMA would support a run at the $1,746 resistance level.

Sentiment toward the likelihood of the SEC approving the BTC-spot ETFs has fueled buyer appetite for ETH. ETH-spot ETFs are also on the table, which would support an influx of institutional money into ETH.

However, a drop below $1,650 would give the bears a run at the 50-day EMA and the $1,626 support level. Buying appetite will likely intensify at $1,630. The 50-day EMA is confluent with the $1,626 support level.

The 14-Daily RSI reading of 63.04 indicates an ETH break above the 200-day EMA before entering overbought territory.

ETH Daily Chart sends bullish near-term price signals.
ETHUSD 231023 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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