News
Bitcoin (BTC) News Today: ETF Inflows Signal Strong Outlook for BTC Market
ETH-Spot ETF launching in July 2023
In particular, seven issuers waived launch fees to attract buyers.
ETF Store President Nate Geraci cited law firm Foley and Lardner LLP, stating,
“The most important development in the approval order was that the SEC strongly implied that ETH is a commodity and not a security. The approval order demonstrates that cryptocurrencies can start life as a security and transform into a commodity over time.”
The launch of the US ETH spot ETF market is significant for several reasons, including:
- Eliminate uncertainty about ETH’s classification as a commodity
- Paving the way for spot ETFs on alternative currencies, including a Exchange rate risk-Spot ETFs.
ETH advanced 0.37% on Saturday, following a 2.35% gain on Friday, closing the session at $3,520.
Investors should remain vigilant. Next week, U.S. economic indicators could influence the Fed’s rate path and appetite for riskier assets. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up to date with our latest news and analysis to manage cryptocurrency market risk.
Technical Analysis
Bitcoin Analysis
BTC remained well above the 50 and 200 days EMAconfirming the bullish price signals.
A break of BTC above the $69,000 resistance level would support a return to $70,000. A break above $70,000 could give bulls a run at the March 2024 all-time high of $73,808.
It is worth considering the rumors regarding the spot BTC ETF market in the US and the updates regarding Mt. Gox.
On the other hand, a drop below the $64,000 support level could signal a fall towards the 50-day EMA. A break below the 50-day EMA could give the bears a run at the $60,365 support level.
With a daily RSI of 64.67, BTC could retrace its steps to $70,000 before entering overbought territory.