Crypto News Today: Bitcoin Eyes 5-Day Winning Streak on BTC-Spot ETF Hype

Key Insights:

• BTC gained 1.69% on Tuesday, ending the session at $45,019. Significantly, BTC extended the winning streak to four sessions.
• The sentiment surrounding the SEC approving the first batch of BTC-spot ETFs drove buyer demand.
• On Wednesday, the focus will be on BTC-spot ETF-related updates and regulatory activity.

Bitcoin-Spot ETF News Delivered a Four-Day Winning Streak

Bitcoin (BTC) gained 1.69% on Tuesday. Following a 4.39% rally on Monday, BTC ended the session at $45,019. Significantly, BTC extended its winning streak to four sessions. On Tuesday, BTC struck a session high of $45,943. BTC previously held the $46,000 handle in April 2022.

BTC-spot ETF-related hype continued to drive buyer demand for BTC.

On Tuesday, Bloomberg Intelligence ETF Analyst James Seyffart shared the latest progress toward a BTC-spot ETF market. Notably, Coinbase (COIN) is the go-to Custodian, while Jane Street and JPMorgan (JPM) battle for the top spot as Authorized Participants (AP).

Seyffart noted that the table of 11 remains the focal point as the approval window of January 8-10 nears. Regarding the N/As across the table, Seyffart said,

“All or almost all of these filers have their APs lined up, and they know what their fees are going to be (at least roughly). These N/A’s will have to be filled in before launch and before SEC signs off on the S-1’s but are not needed for 19b-4 approvals as far as I’m aware.”

Dubbed the Cointucky Derby, fees could prove a focal point after SEC approval. Fidelity and Invesco/Galaxy have currently proposed the most competitive fee structures. However, five have yet to disclose fees, and there is conjecture Grayscale may cut its 2.0% fee, which dwarfs fees disclosed by other issuers.

As the approval window approaches, MicroStrategy (MSTR) founder Michael Saylor hit the news wires on Tuesday.

MicroStrategy Founder Michael Saylor Selling 315,000 MSTR Shares

MicroStrategy founder Michael Saylor filed a proposed sale notice with the SEC on Tuesday. Saylor is selling 315,000 MSTR shares, equivalent to ~ $216 million. There was speculation that Saylor plans to purchase BTC.

Last week, MicroStrategy acquired 14,620 BTC, taking its total haul to 189,150 BTC, with an average price of ~ $42,110. Before the purchase, Saylor discussed the BTC halving event and the likely surge in buyer demand from the launch of BTC-spot ETFs.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the Tuesday high of $45,943 would support a move toward the $47,000 handle.

On Wednesday, the focus will be on US regulatory scrutiny and BTC-spot ETF-related news.

However, a fall through the $44,690 handle would bring the $42,968 support level into play.

The 14-Daily RSI reading, 64.91, suggests a BTC move to the $46,000 handle before entering overbought territory.

Ethereum Analysis

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

An ETH breakout from $2,400 would bring the $2,457 resistance level into play.

However, a break below the $2,300 support level would bring the 50-day EMA into play.

The 14-period Daily RSI at 60.85 suggests an ETH break above the $2,457 resistance level before entering overbought territory.