Bitcoin

The anticipation and speculation surrounding the spot Bitcoin Exchange-Traded Fund (<a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">ETF</a>) approval has sparked renewed enthusiasm within the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> community. As the <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulatory</a> landscape evolves, the pending decision from the Securities Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) is being closely observed to determine if it could trigger a significant Bitcoin (<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) price rally.In this case, FieryTrading, a crypto trading analyst, in a TradingView <a href="https://www.tradingview.com/chart/BTCUSD/9jsE1Wbb-Are-the-Bulls-Losing-Decoding-Bitcoin-s-Recent-Market-Twist/" rel="noopener noreferrer nofollow">post</a> on August 30, highlighted the potential impact of technical indicators and retracement levels in determining whether the pending SEC decision could ignite the anticipated Bitcoin rally.Despite acknowledging the positive nature of ETF approval, the analyst remains cautious about an immediate <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> surge, terming the current sentiments as a ‘news before the news’ scenario.<blockquote>“I’m not convinced that the bulls will push through. With the ETF not even being approved yet, it’s essentially ‘news before the news’. Sure, it’s good news, but is it enough to start a long-term trend reversal? he posted.</blockquote><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/dbfdfd0b51fc420cbee35ed8ac14e9fc.jpg" />Bitcoin price analysis chart. Source: TradingViewThe analyst highlighted potential technical barriers to Bitcoin’s rally due to ongoing debates about the impact of a spot ETF on its value. Significantly, the analyst emphasized the essential role of <a href="https://finbold.com/guide/head-and-shoulders/" rel="noopener noreferrer nofollow">Fibonacci retracement</a> levels in assessing potential price movements alongside the ETF’s influence.<blockquote>“My target area for the bounce lay between the 0.382 and 0.618 Fibonacci retracements. This area is often an area of strong resistance and will nearly always signal a continuation of the trend if it can hold,” he said.</blockquote><h2 id="header-0">Key price levels to monitor</h2>Adding complexity, the analyst underscored the 200-week <a href="https://finbold.com/guide/moving-average/#:~:text&#61;A%20moving%20average%20is%20a,%2Dto%2Dday%20price%20fluctuations." rel="noopener noreferrer nofollow">moving average’s</a> importance at approximately $27,500, historically a pivotal level to monitor.Regarding price projections, FieryTrading noted that achieving the 0.618 Fibonacci retracement could shift the short-term bias to bullish. Currently, the market remains <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a>.The analyst highlighted the crucial 0.382 retracements around $27,150, suggesting a bullish <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock market</a> could drive Bitcoin into an upward breakout. Impending macro and ETF news add uncertainty, leading the analyst to caution traders to stay alert.The Bitcoin spot ETF debate gained renewed attention after Grayscale won a lawsuit against the SEC, which initially rejected their application to convert the Grayscale Bitcoin Trust to an ETF.Grayscale sued the SEC in June 2022 after the agency denied their attempt to turn their flagship bitcoin fund (GBTC) into an ETF. Grayscale’s goal was to establish an ETF backed by actual Bitcoins, not <a href="https://finbold.com/guide/derivatives-definition/" rel="noopener noreferrer nofollow">derivatives</a>.This potential approval is anticipated to boost Bitcoin’s value. Notably, the cryptocurrency market, in general, surged when news emerged that investment giant BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>) filed for a Bitcoin spot ETF.<h2 id="header-1">Bitcoin price analysis</h2>The court’s decision prompted a short-term Bitcoin rally following a period of inactivity. By press time, Bitcoin was <a href="https://finbold.com/bitcoin-retreats-to-27-2k-following-the-grayscale-court-frenzy/" rel="noopener noreferrer nofollow">trading at $27,222</a>, down about 0.6% for the day but up nearly 3% for the week.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/a5128d7cf3fe421b8d2a38e575d0f917.png" />Bitcoin seven-day price chart. Source: FinboldDespite these gains, Bitcoin continues to hover below the $30,000 mark, a familiar territory in 2023.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin ETF approval is ‘news before the news’; Can SEC decision spark a BTC rally?

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