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Sujit Kumar
Jan 8, 2024
by Sujit Kumar

Spot Bitcoin ETF Approval Nears as Crypto Community Awaits Breakout

bitcoin price
The crypto community is eagerly anticipating the approval of the first spot Bitcoin exchange-traded funds (ETFs) in the U.S. by the Securities and Exchange Commission (SEC). Despite challenges over the weekend, the Bitcoin price outlook suggests a potential massive breakout, with investors anticipating positive impacts on Bitcoin and the broader market.

The SEC has set a deadline for spot ETF applicants to submit amended S-1 forms by Monday, January 8, as the final step before potential approval. Key companies, including BlackRock, WisdomTree, Fidelity, Invesco, Ark Invest/21Shares, VanEck, and Valkyrie, have made the necessary filings. Sponsor fees disclosed in these filings reveal BlackRock at 0.3%, VanEck at 0.25%, and WisdomTree at the highest with 0.5%.

Bitcoin's recent surge above $45,000, driven by a clear ascending triangle breakout, signals optimism for a push toward $50,000. Technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), support a bullish outlook, suggesting potential for further gains.

Traders are closely monitoring key support levels, including the 20 Exponential Moving Average (EMA) at $44,067, the 50 EMA at $43,780, and the 200 EMA at $42,464. While a trend correction is possible, the imminent spot ETF approval introduces optimism and minimizes the likelihood of significant corrections, providing a positive backdrop for Bitcoin's price trajectory.

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Spot Bitcoin ETF Approval Nears as Crypto Community Awaits Breakout
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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