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Today’s Cryptocurrency Headline
The much-anticipated spot bitcoin exchange-traded fund is on the verge of becoming a reality, according to analysts at the financial services firm Cantor Fitzgerald.As reported by Bloomberg News, the firm — which offers prime brokerage and investment banking services — is “increasingly confident” that the slate of applications from asset managers to launch a spot ETF for bitcoin will be granted approval by the SEC. The agency, which has been reluctant to approve such a product because of the fear of manipulation on off-shore spot platforms, could approve new applicants because of the market surveillance procedures they have proposed. “A comprehensive surveillance-sharing agreement with a regulated market of significant size” would mollify regulators, the firm’s Josh Siegler and Will Carlson noted. The analysts believe a spot ETF approval would be a significant short-term catalyst for bitcoin’s price, adding approval would be “a bedrock moment for Bitcoin’s long-term adoption and legitimization.”They described approval as the “most-important short-term catalyst.”
BingX’s Bitcoin Chart
Hopes of approval for a spot Bitcoin exchange-traded fund by the United States Securities and Exchange Commission boosted Bitcoin’s price by 27% in October. This improved sentiment, attracting aggressive buying by crypto investors.When the leader starts performing, it generally lifts the entire sector. That is seen in the strong performance of altcoins, which have risen sharply from their multi-year lows.However, after the initial rally, some altcoins will struggle to maintain their up-move while a few will lead the markets higher. It is better to stick with the leaders as they are most likely to outperform during the next crypto bull phase.Although the rising moving averages indicate advantage to buyers, the overbought levels on the relative strength index (RSI) suggest that the BTC/USDT pair may spend some more time in consolidation.The important level to watch out for on the downside is $32,400 and then $31,000. Sellers will have to pull the price below this zone to seize control.Conversely, if the price turns up from the current level and breaks above $35,280, it will indicate the bulls are back in the driver’s seat. The pair may then surge to the next target objective at $40,000.The support level is at $33,800 and the resistance level is at $34,700.
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