SEC's Bitcoin Window is Open Again

By idiosyncratic | Idiosyncratic Crypto | 18 Nov 2023


The Security Exchange Commission (SEC) has a limited time to share its ultimate decision on the BTC ETF applications of Franklin, Hashkey, and Global X'x applications. The markets started to get hyped for them because the crypto ecosystem has won a couple of battles against the SEC via XRP and there are huge expectations from the giant funds.

Image from thread

The positive atmosphere in crypto has affected almost all coins positively since the beginning of Uptober. Nowadays, Bitcoin is trying to stay above $36K and aims to hit $39K - $40K before a healthy correction. The direction of the market is still not crystal clear but the hype around the coins is back after a very long time thanks to the narrative of ETFs.

Though the focus is on this area, there is still another "window" for the SEC to prolong the process as it wishes.

Image from thread

CoinTelegraph

There is something that will attract your attention directly. This is not the last chance to make a decision for the currently expected ones. Rather, we need to direct our attentions to the application by ARK 21Shares BTC ETF because its Final Deadline will be the first days of 2024.

When that day comes, I'm sure the hype will be even more vivid than today's half uncertain and half optimistic market sentiment.

People may miss an important point that when an application receives the approval, the rest of them will also be acknowledged unless there are huge differences between them. So, the current ETF approvals might not get an approval buy a delay sounds more reasonable while the other ones were postponed just 20 days ago.

Timing with Technical Analysis and Global Factors

The expectation on crypto is, no doubt, very positive for the ecosystem as it proves that people still want to invest in crypto and they also believe that it is undervalued.

The technical charts started to show some "overbought" cases of Bitcoin and other altcoins as they started a strong bull leg since the strong resistance level of $28K was broken. Now, eyes are on the time when the market starts to turn back. The consensus is on the level that BTC reaches around $40K in an hour with a spike.

When we look at the global concerns, there is more tendency to go down for the markets. I believe Gold is the only one that can diverge from the rest positively. In addition to Gold, Bitcoin may also get some attention as the digital form of Gold for people.

Neither people direct their focus on crypto nor the global and economic schedules are ready for EFT's from today. The market is preparing itself for Q1 2024 as there will be more time to observe the FED's decisions on the interest rates and the SEC may approve the applications of Bitcoin ETFs through the final deadline. Until that time, more consolidation in crypto is what I see. The range of $19K and $23K might be the bottom line whereas the current levels or $40K might be the top of the vertical channel in the accumulation.

By the way, the green markets, both crypto and stocks, might be hit hard with a brand new global problem that is related to the wars in the world.

What do you expect to get from the SEC in 8 days? Share your insights below 👇

How do you rate this article?

23


idiosyncratic
idiosyncratic Verified Member

Crypto-Blogger 🖊Blockchain Gamer 🎮 https://read.cash/@idiosyncratic https://noise.cash/u/idiosyncratic1 https://leofinance.io/@idiosyncratic1


Idiosyncratic Crypto
Idiosyncratic Crypto

Crypto Related Content, Technical & Fundamental Analysis, News and Foresight

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.