Bitcoin (BTC) stayed lower into Jan. 4 as markets emerged from a 9% BTC price crash.
Analyst sees Bitcoin ETF decision “next week”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling the area around $43,000 before the Wall Street opening.
Still down $3,000 from the week’s top, the largest cryptocurrency opted to tread water as mysteries continued over the fate and timing of the United States’ first spot Bitcoin exchange-traded fund (ETF).
The latest drop had accompanied an industry claim that U.S. regulators would reject the latest round of spot ETF applications, continuing a years-long struggle to launch them.
No specific evidence was provided, however, and commentators quickly brushed off the idea that the decision had already become known.
Subsequent filings by would-be ETF providers further stoked intrigue. These included a securities registration by Fidelity Investments, which soon garnered claims that an approval had arrived.
Breaking: @Fidelity just registered Form 8-A for their FIDELITY WISE ORIGIN BITCOIN FUND #Fidelity
— MartyParty (@martypartymusic) January 3, 2024
8-A means they are now a registered security that can be traded PUBLICALLY!!!!$FBTC ETF is approved.
Update: Next will be the @CBOE listing of 315948109. Ill update when I… pic.twitter.com/N1QXDKKxgM
Reacting, however, James Seyffart, an analyst at Bloomberg Intelligence, again dismissed the documents as providing proof of an ETF greenlight.
“I'm still looking towards next week,” part of comments on X (formerly Twitter) stated.
RSI among indicators lining up rebound
Bitcoin markets thus faced little by way of coercive forces, either up or down.
Related: 15 years, 90K ‘Bitcoinaires’ — Bitcoin millionaire wallets jump 300%
Popular trader Daan Crypto Trades eyed a return to a familiar BTC price range from December, telling X subscribers that they should “not expect too much” on short timeframes.
#Bitcoin Back near the middle of the range after deviating above.
— Daan Crypto Trades (@DaanCrypto) January 4, 2024
Good to keep watching this range to watch for a potential break. Wouldn't expect too much as long as price hangs around the mid range. pic.twitter.com/rtRauKCkCO
Fellow trader Jelle was more optimistic, highlighting key levels that should soon come into play.
An X post on the day referenced both the relative strength index (RSI) and moving average convergence divergence (MACD) indicators being “almost fully reset” — a prerequisite that Cointelegraph reported on last week.
Price grinding up on the 25-day EMA, while the RSI & MACD are almost fully reset.
— Jelle (@CryptoJelleNL) January 4, 2024
ETF news soon.
Going to be big week. #Bitcoin pic.twitter.com/TWeZgUoLYj
The day prior, Jelle described current prices as the “best buying opportunity in a long time” for both Bitcoin and altcoins.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
