News
Bitcoin (BTC) News Today: Fed Fears Impact of Spot ETF Demand on BTC
“The SEC just added the ProShares Ethereum ETF filing to its website. (It’s extremely fast) Instinct initially says this won’t launch on day one with the other ETFs whenever that happens, but who knows. This is interesting.”
Significantly, ProShares rejected BTC spot ETFs, but deemed a request for an ETH spot ETF appropriate. With issuers awaiting approval of S-1 forms, ProShares could launch at the same time as the first applicants if the SEC approves its 19b-4 in time.
More players on the starting line could attract more investor interest in the US ETH spot ETF market. According to ETF database, Proshares Advisors LLC ranked sixth in the ETF Issuer Revenue League rankings. Black Rock (BLK), Highway (STT) and Invesco (IVZ) occupied the top three spots, with Vanguard in fourth place.
Technical analysis
Bitcoin Analysis
Bitcoin it remained comfortably above 50 and 200 days EMAstrengthening bullish price signals.
A BTC return to $70,000 would support a move to Friday (June 7) high of $71,992. A breakout from $71,992 could signal a rise to the all-time high of $73,808.
US economic indicators, BTC spot ETF market flow data, and US politics need consideration.
Conversely, a BTC break below the $69,000 support level could give the bears a run towards the 50-day EMA.
With a daily RSI reading of 55.77, BTC could reach an all-time high of $73,808 before entering overbought territory.