Crypto News Today: Bitcoin March Toward $50,000 Continues Amid Spot ETF Hype

Key Insights:

• BTC struck $44,529 for the first time since April 2022, with DOGE climbing to a Tuesday high of $0.0961.
• BTC-spot ETF-related news continued to fuel buyer demand for BTC and the broader crypto market.
• January 5 to 10 could prove pivotal for BTC and the crypto market.

Bitcoin Hit a New 2023 High of $44,529 on BTC-Spot ETF Bets

On Tuesday, bitcoin (BTC) gained 4.94%. Following a 5.11% rally on Monday, BTC ended the session at $44,108. Significantly, BTC extended the winning streak to five sessions and struck a new 2023 high of $44,529. BTC last visited $44,500 in April 2022.

Market bets on the SEC approving a batch of BTC-spot ETF applications continued to fuel buyer demand.

On Tuesday, Bloomberg Intelligence ETF Analyst James Seyffart shared the latest on crypto-spot ETFs.

On pending approvals for ETH-spot ETF applications, Seyffart said,

“Update: As expected, Grayscale’s Ethereum trust filing got delayed. It was due by 12/6/23, so this is completely normal.”

Pando also officially entered the race to launch a BTC-spot ETF. Seyffart shared the filing, saying,

“UPDATE: Pando officially enters the US spot Bitcoin ETF race with a 19b-4 filing via CBOE. 13 potential issuers now. (we saw their S-1 filing last week).”

The January 5-10 approval window remains in view and could prove pivotal for BTC to continue a move toward $60,000. Investors are betting on the SEC approving a batch of BTC-spot ETFs in the January 5-10 window.

DOGE Climbs to $0.0961 for the First Time Since April 2023

On Tuesday, dogecoin (DOGE) gained 2.61%. Following a 7.49% surge on Monday, DOGE ended the session at $0.0943. Significantly, DOGE climbed to a Tuesday high of $0.0961 before easing back.

Increased buyer demand for cryptos continued to fuel the DOGE move toward $0.10. However, the utility remains an integral part of buyer appetite for DOGE, among other cryptos.

Speculation of Tesla (TSLA) planning to accept DOGE as payment for the recently launched Cybertruck supported the move toward $0.10.

On Wednesday, DOGE was up 1.38% to $0.0956. Notably, DOGE struck a high of $0.0966 before easing back.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the Tuesday high of $44,529 would support a move toward the $46,400 resistance level.

SEC activity and BTC-spot ETF-related news remain the focal points on Wednesday.

However, a fall through the $42,900 support level would bring the $41,585 support level into play.

The 14-Daily RSI reading, 79.40, shows BTC in overbought territory. Selling pressure could intensify at the Tuesday high of $44,529.

Ethereum Analysis

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

An ETH break above the $2,300 resistance level would give the bulls a run at $2,500.

However, a fall to the $2,250 handle would bring the $2,143 support level into play.

The 14-period Daily RSI at 72.67 shows ETH in overbought territory. Selling pressure will likely intensify at the $2,300 resistance level.