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.
Bitcoin Price Forecast
Every new Bitcoin analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Bitcoin forecastsProgress 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.
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.
