{"id":555371,"date":"2023-10-13T20:00:04","date_gmt":"2023-10-13T20:00:04","guid":{"rendered":"https:\/\/uniquehot.com\/?p=555371"},"modified":"2024-06-11T08:10:17","modified_gmt":"2024-06-11T08:10:17","slug":"bitcoin-price-rally-on-the-horizon-btc-spot-etfs-may-get-the-green-light-today","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-rally-on-the-horizon-btc-spot-etfs-may-get-the-green-light-today\/","title":{"rendered":"Bitcoin Price Rally On The Horizon? BTC Spot ETFs May Get The Green Light Today"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In what could be a pivotal day for the Bitcoin price, the last day for the US Securities and Exchange Commission (SEC) to appeal the <\/span><a href=\"https:\/\/uniquehot.com\/crypto\/grayscale-ceo-highlights-us-opportunity-to-lead-crypto-space-through-regulation\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Grayscale <\/span><\/a><span style=\"font-weight: 400\">Bitcoin (BTC) spot Exchange-Traded Funds (ETF)<\/span><a href=\"https:\/\/uniquehot.com\/press-releases\/as-sec-deadlines-for-bitcoin-spot-etfs-slide-by-this-altcoin-ico-is-looking-attractive\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> decision is approaching<\/span><\/a><span style=\"font-weight: 400\">, and the crypto community is eagerly awaiting the outcome.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The implications of this decision are significant, as it could pave the way for the approval of several other <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/blackrock-bitcoin-spot-etf-approval\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Impending Approval Of All Proposed Bitcoin Spot ETFs?\u00a0<\/span><\/h2>\n<p><a href=\"https:\/\/x.com\/rovercrc\/status\/43306000?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">According <\/span><\/a><span style=\"font-weight: 400\">to crypto YouTuber Crypto Rover, if the SEC does not appeal the court&#8217;s ruling by the end of the day, it would potentially lose its ability to deny future applications, resulting in the likely approval of all proposed spot ETFs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The current list of applicants seeking approval includes prominent names such as Grayscale Bitcoin Trust, Ark\/21 Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/analyst-blackrock-bitcoin-spot-etf-may-unlock-trillion\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">BlackRock <\/span><\/a><span style=\"font-weight: 400\">Bitcoin ETF Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin Bitcoin Trust.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If all Bitcoin spot ETFs are approved, the move would mark a significant milestone in the mainstream adoption of cryptocurrencies.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-solana-and-ethereum-under-heat-data-points-to-more-trouble-for-altcoins\/\" target=\"_blank\" rel=\"noopener \">Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins<\/a><\/div>\n<p><span style=\"font-weight: 400\">Accepting these financial instruments would provide investors with a regulated and easily accessible avenue to gain exposure to Bitcoin&#8217;s price movements without directly owning the underlying asset.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The approval would also vote for confidence in the cryptocurrency market, attracting institutional investors and potentially injecting fresh capital into the space.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The approval of Bitcoin spot ETFs also can ignite a renewed sense of optimism and investor sentiment. The anticipation of such a development has already fueled speculation of a Bitcoin rally, with market participants eyeing a new annual high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The thawing of the crypto winter and the approval of these ETFs could create a perfect storm for a Bitcoin price to surge, potentially breaching the $30,000 mark and beyond.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Price Awaiting ETF Relief<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The largest cryptocurrency in the market is striving to reclaim the crucial $27,000 level, trading at $26,700. This level holds significant importance for bullish investors as it represents a key threshold to break the mid-term downtrend structure observed in <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-1-35-billion-btc\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">BTC&#8217;s <\/span><\/a><span style=\"font-weight: 400\">1-day chart since its yearly high of $31,800 on July 13<\/span><\/p>\n<figure style=\"width: 1813px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/TTdF62E2\/\" alt=\"Bitcoin price\" width=\"1813\" height=\"858\"><figcaption class=\"wp-caption-text\">Bitcoin&#8217;s price went sideways after falling below $27,000 on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/imgb0rW1\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Additionally, the failure of the Bitcoin price to hold its 200-day (yellow line) and 50-day (brown line) moving averages (MAs) as support lines is a cause for concern among bullish traders. These MAs, similar to the situation in March 2023, are currently converging.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the potential approval of a BTC spot ETF could provide much-needed relief to Bitcoin&#8217;s price. Forming a complete rally would require overcoming various resistance levels in such a scenario<\/span><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"jeg_meta_container\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/failed-bullish-ethereum-sub-1000\/\" target=\"_blank\" rel=\"noopener \">Failed Bullish Pattern Could Send Ethereum Sub-$1000<\/a><\/div>\n<\/div>\n<p><span style=\"font-weight: 400\">In the short term, Bitcoin&#8217;s price will likely face a significant obstacle at the $27,900 level, which was briefly surpassed on October 2nd. Furthermore, BTC encounters a 3-month resistance at $28,700, marking the final hurdle before reaching the $30,000 level, serving as another resistance line.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nevertheless, the community anxiously awaits the approval of BTC spot ETFs, hoping that it will bring a sense of relief and bullish momentum for investors and Bitcoin&#8217;s price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In what could be a pivotal day for the Bitcoin price, the last day for the US Securities and Exchange Commission (SEC) to appeal the Grayscale Bitcoin (BTC) spot Exchange-Traded Funds (ETF) decision is approaching, and the crypto community is eagerly awaiting the outcome. The implications of this decision are significant, as it could pave the way for the approval of several other spot Bitcoin ETFs.\u00a0 Impending Approval Of All Proposed Bitcoin Spot ETFs?\u00a0 According to crypto YouTuber Crypto Rover, if the SEC does not appeal the court&#8217;s ruling by the end of the day, it would potentially lose its ability to deny future applications, resulting in the likely approval of all proposed spot ETFs. The current list of applicants seeking approval includes prominent names such as Grayscale Bitcoin Trust, Ark\/21 Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, BlackRock Bitcoin ETF Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin Bitcoin Trust. If all Bitcoin spot ETFs are approved, the move would mark a significant milestone in the mainstream adoption of cryptocurrencies.\u00a0 Related Reading: Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins Accepting these financial instruments would provide investors with a regulated and easily accessible avenue to gain exposure to Bitcoin&#8217;s price movements without directly owning the underlying asset.\u00a0 The approval would also vote for confidence in the cryptocurrency market, attracting institutional investors and potentially injecting fresh capital into the space. The approval of Bitcoin spot ETFs also can ignite a renewed sense of optimism and investor sentiment. The anticipation of such a development has already fueled speculation of a Bitcoin rally, with market participants eyeing a new annual high.\u00a0 The thawing of the crypto winter and the approval of these ETFs could create a perfect storm for a Bitcoin price to surge, potentially breaching the $30,000 mark and beyond. Bitcoin Price Awaiting ETF Relief The largest cryptocurrency in the market is striving to reclaim the crucial $27,000 level, trading at $26,700. This level holds significant importance for bullish investors as it represents a key threshold to break the mid-term downtrend structure observed in BTC&#8217;s 1-day chart since its yearly high of $31,800 on July 13 Additionally, the failure of the Bitcoin price to hold its 200-day (yellow line) and 50-day (brown line) moving averages (MAs) as support lines is a cause for concern among bullish traders. These MAs, similar to the situation in March 2023, are currently converging. However, the potential approval of a BTC spot ETF could provide much-needed relief to Bitcoin&#8217;s price. Forming a complete rally would require overcoming various resistance levels in such a scenario. Related Reading: Failed Bullish Pattern Could Send Ethereum Sub-$1000 In the short term, Bitcoin&#8217;s price will likely face a significant obstacle at the $27,900 level, which was briefly surpassed on October 2nd. Furthermore, BTC encounters a 3-month resistance at $28,700, marking the final hurdle before reaching the $30,000 level, serving as another resistance line. Nevertheless, the community anxiously awaits the approval of BTC spot ETFs, hoping that it will bring a sense of relief and bullish momentum for investors and Bitcoin&#8217;s price.\u00a0 Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":555373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,656,679,6047,680,7434,755,768,1119,1144,78790,6664,1558],"class_list":["post-555371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-action","tag-bitcoin-price-analysis","tag-bitcoin-price-daily-chart","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Rally On The Horizon? BTC Spot ETFs May Get The Green Light Today<\/title>\n<meta name=\"description\" content=\"In what could be a pivotal day for the Bitcoin price, the last day for the SEC to appeal the Grayscale BTC spot ETF decision is approaching.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-price-rally-on-the-horizon-btc-spot-etfs-may-get-the-green-light-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Rally On The Horizon? 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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