Markets
Bitcoin Price Forecast as Spot Ethereum ETFs Debut in the US, Is $80,000 Per BTC Nearing?
Crypto Market Pulled Back From Weekly Highs on Surprise Spot Approval Ethereum ETF. Prices corrected broadly on D-Day after a cooldown from Monday’s rally. At the time of writing, the Bitcoin price prediction has remained unchanged over the past 24 hours while hovering at $68,050. Most altcoins including Ethereum are in the red, sending mixed signals ahead of the weekend.
Why Ethereum ETFs Failed to Move the Market
The Securities and Exchange Commission (SEC) turned to spot Ethereum ETFs suddenly on Monday. This followed what industry experts described as a political move.
ETF operators were hastily asked to update their proposals ahead of approval on Thursday. Three exchanges have been granted permission to list Ethereum exchange-traded products (ETPs), including Nasdaq, NYSE, and CBOE. However, trading will not begin until the SEC approves individual ETP operators.
Actual trading of Ethereum ETFs and ETPs could be delayed further, with experts fearing that the SEC could delay the approval process. This is probably one of the reasons for the suppressed prices following the news.
The SEC is still concerned about fraud and market manipulation and requests that both factors be addressed through extensive surveillance and sharing agreements. It ordered traders to work closely with the Chicago Mercantile Exchange (CME) to detect and prevent fraud as well as market manipulation.
Ethereum futures prices must be traded on the CME correlated with spot Ethereum ETFs. The three exchanges submitted analyzes to determine this correlation.
Bitcoin Price Prediction After Ethereum ETF Approval
An ascending channel continues to guide Bitcoin’s recovery on the four-hour chart. Despite the volatility, key support and resistance lines have been established in recent weeks since Bitcoin recovered from $56,500.
The prevailing uncertainty may have triggered the correction towards $72,000. Not all traders believe Bitcoin Price has the momentum to sustain the uptrend above $70,000 let alone close the gap to the anticipated target of $100,000 in 2024.
Bitcoin Price Chart | Trading view
The path of least resistance is downward based on the Moving Average Convergence Divergence (MACD) indicator. A sell signal reinforced by the position of the MACD line below the signal line and the red histograms suggest that more losses are to come.
To reverse this bearish outlook, Bitcoin will have to turn the 20-day exponential moving average (EMA) at $68,471 into support. A further break above the channel mid-boundary or the $70,000 barrier would be necessary to affirm the uptrend.
On the contrary, traders cannot ignore the likelihood of selling pressure overwhelming the bulls, especially if the immediate support of the 50-day EMA at $67,671 collapses.
Losing support at the channel’s lower boundary or the $66,000 level could be detrimental for Bitcoin’s future. Such a move could bring the 200-day EMA at $65,234 into picture amid the risk of a prolonged drop to $64,000 or $62,000.
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