Crypto News Today: MicroStrategy’s Michael Saylor Talks BTC-Spot ETFs

Bob Mason
Published: Dec 20, 2023, 03:32 UTC

Pivotal events in early 2024 could define the price outlook for BTC and the broader market. Inflows into BTC-spot ETFs could be pivotal.

Crypto News Today

In this article:

Key Insights:

  • BTC declined by 0.86% on Tuesday, ending the session at $42,275.
  • BTC-spot ETF-related news remains a focal point.
  • MicroStrategy co-founder Michael Saylor talks up the outlook for BTC.

Bitcoin Declined by 0.86% on Tuesday, December 19

Bitcoin (BTC) fell by 0.86% on Tuesday. After a 3.09% rally on Monday, BTC ended the day at $42,275. Significantly, BTC revisited the $43,000 handle for the first time in four sessions.

BTC-spot ETF-related news continued to drive buyer demand for BTC, which struck a session high of $43,411. The frequency of meetings between the SEC and BTC-spot ETF issuers suggests the imminent approval of a batch of applications.

Bloomberg Intelligence ETF Analyst James Seyffart shared the numbers, saying,

“BlackRock met AGAIN with the SEC today. This brings the total number of official SEC meetings between current Bitcoin ETF filers to 24.”

The issuers who refiled S-1 amendments to shift from In-kind creations/redemptions to cash creation/redemptions could receive the SEC green light to launch. Regarding the approval window, Seyffart does not believe the current activity in the BTC-spot ETF space will affect the approval window, saying,

“Doesn’t change dates in my/our view. Still watching that Jan 8-10 window. (Yes, technically some filers could be approved before that — just don’t think it’s likely).”

While issuers progress toward the approval window, uncertainty about likely inflows remains. The uncertainty may not last long when considering issuer efforts to prepare for launch.

Michael Saylor Compares the BTC-Spot ETF Launch to the S&P 500 Index

MicroStrategy (MSTR) co-founder Michael Saylor talked about the BTC-spot ETF market and its likely impact on BTC price trends. Saylor had this to say,

“It’s not unreasonable to suggest that this may be the biggest development on Wall Street in 30 years. I mean, the last thing that was this consequential was the creation of the S&P Index and the ability to invest in all 500 S&P companies via one trade at the same time.”

Saylor also discussed the timing, the Bitcoin halving, and supply and demand, saying,

“I think in January, the approval of the spot ETFs is going to be a major catalyst. It’s going to definitely drive a demand shock and then that will be followed in April with a supply shock because there are about 900 BTC available a day for sale by natural sellers, the miners, and that number is going to be cut to 450 BTC a day in April, so it’s a pretty big deal.”

Bitcoin Halving Clock
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Technical Analysis

Bitcoin Analysis

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

A BTC break above the $42,968 resistance level would support a move to the $44,690 resistance level. However, BTC must break down resistance at the December 8 high of $44,747 to target $45,000.

On Wednesday, focal points remain BTC-spot ETF-related news and SEC/US lawmaker scrutiny of the digital asset space.

However, a fall through the $42,000 handle would bring the $39,861 support level into view.

The 14-Daily RSI reading, 57.30, indicates a BTC return to $44,000 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 201223 Daily Chart

Ethereum Analysis

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

An ETH return to the $2,250 handle would give the bulls a run at the $2,300 resistance level.

However, a break below the $2,143 support level would bring the 50-day EMA into play.

The 14-period Daily RSI at 49.88 suggests an ETH fall through the 50-day EMA before entering oversold territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 201223 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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