Bitcoin

Shiba Inu

Spot

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55.png" class="attachment-full size-full wp-post-image" alt="Bitcoin price chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55.png 2710w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
The crypto community is breathlessly waiting for the imminent approval of the first spot Bitcoin exchange-traded funds (ETFs) in the US by the Securities and Exchange Commission (SEC). Although cryptos faced intense headwinds over the weekend, the outlook from the&nbsp;<a href="https://coingape.com/price/bitcoin/">Bitcoin price</a>&nbsp;perspective elucidates the likelihood of a massive breakout. 
<h2 class="p1" id="bitcoin-price-on-the-move-to-50k-as-spot-etf-approval-beckons">Bitcoin Price On The Move To $50k As Spot ETF Approval Beckons</h2> 
Investors are looking forward to the positive impact the ETF would have on Bitcoin price and across the board. Increased capital flow into Bitcoin and the validation of the sector to firms on Wall Street could usher in a commendable bullish era. 
Meanwhile, the SEC has given&nbsp;<a href="https://coingape.com/bitcoin-etf-green-light-halving-analyst-predicts-btc-price-to-hit-200k-in-2025/?utm_source=24hrsupdateall">spot ETF applicants</a>&nbsp;until Monday, January 8 to file amended S-1 forms as the last step ahead of the greenlighting. Companies that have made this last filing include Black Rock, WisdomTree, Fidelity, Invesco, Ark Invest/21Shares, VanEck, and Valkyrie. 
The operators of the ETFs also included in the filings their sponsor fees. BlackRock settled for 0.3% in sponsor fees but investors can expect lower levels as far as 0.2% in the initial year, or until the ETF crosses the $5 billion in assets milestone. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Damn, the fee for BlackRock’s Bitcoin ETF will be 0.30% as per their just filed S-1. This is much cheaper than I predicted. Life just got a LOT tougher for everyone else. The ETF Terrordome is no joke. <a href="https://t.co/RZrfO8x61s">pic.twitter.com/RZrfO8x61s</a> 
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1744323345502384325?ref_src=twsrc%5Etfw">January 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
VanEck boasts the lowest sponsor fee at 0.25%, while WisdomTree takes the top spot for the highest at 0.5%, according to Bloomberg’s ETF analyst Eric Balchunas on X. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 VanEck is in at 0.25%. In one hot minute Fidelity’s 0.39% went from wow, cheapest in group to mid. Altho they’re Fidelity and have a distribution capability that many of the other issuers don’t. <a href="https://t.co/6pYq9aXZI0">pic.twitter.com/6pYq9aXZI0</a> 
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1744331717400306101?ref_src=twsrc%5Etfw">January 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Bitcoin price has just crossed above $45,000 in the wake of a clear ascending triangle breakout. Based on the short-term technical structure, the largest cryptocurrency is in the bulls’ hands and might close the gap to $50,000 before the weekend. 
The Relative Strength Index (RSI) exhibits a bullish outlook after regaining ground above the midline (50) in the neutral zone. With a four-hour candle close above $45,000, traders would be less worried about Bitcoin retreating and more confident in the potential breakout to $50,000. 
Recommended for you:&nbsp;<a href="https://coingape.com/markets/crypto-price-prediction-today-january-8-eth-mkr-axl/">Crypto Price Prediction For January 8: ETH, MKR, AXL</a> 
<figure id="attachment_172831" aria-describedby="caption-attachment-172831" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-172831" src="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55.png" alt="Bitcoin price chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55.png 2710w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-08_15-53-55-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-172831" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure> 
A buy signal presented by the. Moving Average Convergence Divergence (MACD) indicator validated the bullish thesis. Traders will be obliged to enter new long positions backed by the blue MACD line holding above the red signal line. 
Failure to make consecutive four-hour candle closes above $45,000 could introduce the risk of a trend correction. With that in mind, it would be prudent to watch out for potential support areas, including the 20 Exponential Moving Average (EMA) (blue) at $44,067, the 50 EMA (in red) at $43,780 and the 200 EMA (purple) at $42,464. 
Although highly unlikely with the&nbsp;<a href="https://coingape.com/bitcoin-etf-trading-to-begin-a-day-after-us-sec-approval/?utm_source=24hrsupdateall">spot ETF approval on the horizon</a>, further price correction could seek to bounce off $42,000 and $40,000 support areas if push comes to shove. 
<h3 class="p1" id="related-articles">Related Articles</h3> 
<ul> 
 <li class="p2"><a href="https://coingape.com/analyst-warns-of-altcoin-turbulence-ahead-of-bitcoin-etf-approval/?utm_source=24hrsupdateall">Analyst Warns Of Altcoin Turbulence Ahead Of Bitcoin ETF Approval</a></li> 
 <li class="p2"><a href="https://coingape.com/shiba-inu-team-releases-step-by-step-guide-to-buy-shibarium-based-nfts/?utm_source=24hrsupdatealtcoin">Shiba Inu Team Releases Step-By-Step Guide To Buy Shibarium-based NFTs</a></li> 
 <li class="p2"><a href="https://coingape.com/xrp-whales-shift-127-mln-xrp-as-price-nosedives-below-0-56-whats-happening/?utm_source=24hrsupdatealtcoin">XRP Whales Shift 127 Mln XRP As Price Nosedives Below $0.56, What’s Happening?</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/bitcoin-price-in-the-limelight-gearing-up-for-50k-ahead-of-spot-btc-etf-approval/">Bitcoin Price In The Limelight, Gearing Up For $50k Ahead of Spot BTC ETF Approval?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price In The Limelight, Gearing Up For $50k Ahead of Spot BTC ETF Approval?

Table of Contents

Coingape News Media

Other articles published on Jan 8, 2024

Dogecoin and Bitcoin Head to The Moon in Today's Rocket Launch

Spot Bitcoin ETF fee strategies revealed

Anticipation of Spot Bitcoin ETF Approval and Halving to Propel BTC to New Heights

Bitcoin's $200K Bet: Will XRP Ride the Surge After the Halving?

Mercari Embraces Bitcoin as Payment in E-Commerce Revolution

Next Pepe Coin SPONGE Price Pumps 100% in 5 Days as V2 Bridging Hype Explodes

Join our free newsletter for daily crypto updates!