The hype over potential approval of the first BTC ETF is slowly easing down, after SEC remained silent regarding its decision as of the end of October. Their decision is postponed for one more time, as there has not been any kind of comment on the topic from SEC officials. Several journalists tried to get this information, including Reuters, but it passed without success. As the final decision is pending, the market still holds optimism that the final decision might be the positive one. It is clearly evident in the price of futures for both BTC and ETH. BTC futures significantly gained in value especially for periods as of the end of the next year. During the previous week, their maturities reached the price above $38K, for the first time since May 2022.
The price of the BTC was moving within a relatively short range during the previous week, with the maximum price reached at level of $35.902 and minimum at $34.109. Buying orders continue to be dominant on the market. For the second week in a row the RSI continues to move within the overbought side of the market. The short term reversal could be expected in the coming period. Moving average of 50 days crossed the MA200 counterpart from the downside, indicating so-called the “golden cross” in the technical analysis. It is an indication of a potential for a change in trend, however, it will take a few more days to clearly confirm itself on charts.
BTC was testing the $35K resistance line during the last two weeks. This move was imposed by the hype over the approval of the first spot BTC ETF. Since the SEC's final decision is postponed for one more time, it could be expected some relaxation in the price of the BTC in the coming week. Significant drop in price should not be expected. Rather, the price might slowly move toward the 33K , which is a short term stop for BTC. A move above the current $35K could occur only on positive news regarding the approval of the ETF (if the one occurs).
The price of the BTC was moving within a relatively short range during the previous week, with the maximum price reached at level of $35.902 and minimum at $34.109. Buying orders continue to be dominant on the market. For the second week in a row the RSI continues to move within the overbought side of the market. The short term reversal could be expected in the coming period. Moving average of 50 days crossed the MA200 counterpart from the downside, indicating so-called the “golden cross” in the technical analysis. It is an indication of a potential for a change in trend, however, it will take a few more days to clearly confirm itself on charts.
BTC was testing the $35K resistance line during the last two weeks. This move was imposed by the hype over the approval of the first spot BTC ETF. Since the SEC's final decision is postponed for one more time, it could be expected some relaxation in the price of the BTC in the coming week. Significant drop in price should not be expected. Rather, the price might slowly move toward the 33K , which is a short term stop for BTC. A move above the current $35K could occur only on positive news regarding the approval of the ETF (if the one occurs).
