Although bitcoin (BTC) experienced a slight rise to $49,000 after the approval of its spot exchange-traded funds (ETF) in the United States, it later fell. Precisely it returned to the area in which it was lateralizing between $45,000 and $46,000.
One explanation for this is that the stock market had not opened, so there is was no direct demand for the ETFs yet. These products were approved by the SEC, the regulatory body, yesterday afternoon, January 10, when the exchanges were no longer operating.
The stock market operates from 9:30 a.m. to 4:00 p.m., taking into account the EST time zone, which is the one that governs New York. Therefore, it is expected that the price of bitcoin will see a rise later, given ETFs are in high demand when the stock exchanges open.
Another reason that explains the current lateralization of bitcoin – which can be seen in the following graph – is the balanced buying and selling force on cryptocurrency exchanges . When an asset remains with low price volatility, it means that there is a "fight" between those who are selling and those who are buying.
This equilibrium behavior usually occurs after strong demand that raises the price, such as that recorded by BTC. This week the currency reached its highest price in 20 months. In the next few hours or days, the market should take a defined trend.
The SEC's approval of a bitcoin ETF reinforces the bullish trend that is already underpinned by the imminent halving. It should be taken into account that the halving is the halving of the rewards to miners and, therefore, the issuance of new BTC. This event, which takes place every approximately four years, has always driven the price of the coin to a new all-time high.
Analysts such as Juan Rodríguez and K33 Research believe that there could be a profit-taking scenario that would lead to the price falling, given the approval, and the reactivation of the rise later near the halving scheduled for April-May. However, other specialists, such as the CEO of the ETF issuer, Ark Invest, doubt that there is a decline.
