empty
11.01.2024 03:36 PM
The SEC has approved Bitcoin ETF applications

This image is no longer relevant

This week, the cryptocurrency Bitcoin experienced a sharp rise and surpassed the $45,256 level. It's worth noting that Bitcoin's quotes fluctuated between $40,746 and $45,256 for the past month. However, expectations related to the approval of applications for the launch of Bitcoin spot ETFs continue to drive the cryptocurrency upwards. In our view, Bitcoin has already appreciated significantly. We do not believe the cryptocurrency will reach $100,000 or $200,000 soon, but the market continues to buy coins, causing the price to rise. The next target is the $51,350 level.

We've previously mentioned that the cryptocurrency market is highly sensitive. A few years ago, any tweet from Elon Musk related to Bitcoin or Dogecoin would cause wild market fluctuations. This demonstrates how easily the market can be manipulated. Nowadays, Elon Musk no longer comments on various digital assets, but others have taken his place.

Almost all market participants believed that the SEC would eventually approve applications for introducing Bitcoin spot ETFs, with only a few doubters. However, just this month, there were two false reports. First, the Cointelegraph portal reported that the SEC had approved BlackRock's application. Later, BlackRock itself denied this information. Shortly after, Matrixport announced that all applications for spot instruments would be rejected, only to later describe the information as "hypothetical conclusions" rather than a factual "insider" statement. In each of these cases, the market reacted strongly.

Many traders rushed to buy and sell Bitcoin, with larger players profiting from the volatility. Even the well-known expert Michael van de Poppe tweeted that markets are easily manipulated. However, yesterday, on the official SEC website, information about the approval of applications for a spot Bitcoin ETF did appear, and just a few hours later, Gary Gensler announced a breach of the U.S. Securities and Exchange Commission's website.

This image is no longer relevant

As a result, emotions surrounding the new investment instrument continue to run high, and the community continues to buy all available coins. Bitcoin could experience a correction soon, as the market has fully priced in the approval factor for spot Bitcoin ETFs. However, there are currently no signals for correction, so selling Bitcoin is not advisable.

On the 24-hour timeframe, Bitcoin has surpassed the $45,256 level. Thus, at the moment, buying remains the most logical and justified option, with targets set at $48,500 and $51,350. There are no sell signals or hints at selling at this time. We would only consider short positions after a bounce from any target level with the aim of the nearest lower level. However, the ascending trendline indicates a bullish sentiment's persistence, making purchases the preferable option for now.

Paolo Greco,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Thursday June 05, 2025.

On the 4-hour chart of the Litecoin cryptocurrency, there is an appearance of a Descending Broadening Wedge pattern which indicates that there will be a strengthening in the near future

Arief Makmur 09:53 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 5

Bitcoin is struggling to reach $106,000 less frequently and is dropping toward $104,000 more often, which is a rather concerning short-term signal. Sooner or later, this pattern could lead

Miroslaw Bawulski 09:20 2025-06-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 4

Bitcoin and Ethereum keep trying to break through key resistance levels but continue to face the same obstacle. On one hand, this suggests a cautious approach by major market players

Miroslaw Bawulski 09:19 2025-06-04 UTC+2

The Correlation Between BTC and Global M2 Liquidity Remains High

Bitcoin still cannot firmly hold above the $106,000 level, which raises certain concerns. While other altcoins and tokens have been performing much better, at least in recent days, the fact

Jakub Novak 09:17 2025-06-04 UTC+2

BTC/USD Analysis on June 4, 2025

The wave pattern on the 4-hour chart for BTC/USD has become more complex. We observed a corrective downward structure that completed its formation around the $75,000 level. After that

Chin Zhao 09:10 2025-06-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 3

Bitcoin and Ether surged strongly during Asian trading, although yesterday ended on a somewhat downbeat note. However, despite the rapid strengthening of these assets, Bitcoin once again failed to maintain

Miroslaw Bawulski 08:51 2025-06-03 UTC+2

Bitcoin's technical outlook appears promising

Bitcoin appears to have found a bottom near $104,000 and is currently trading around $104,500 in early June. It is evident that the cryptocurrency is positioned at a psychological

Jakub Novak 12:36 2025-06-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 2

Despite the corrections at the end of last week, Bitcoin and Ethereum are once again showing upward momentum, although Ethereum is lagging behind. Experts from the banking group also point

Miroslaw Bawulski 09:45 2025-06-02 UTC+2

Bitcoin Forecast for June 2, 2025

Bitcoin Over the weekend, Bitcoin formed a reversal from the supports at the target level of 102,698 and the embedded green price channel line. If today's candlestick closes in white

Laurie Bailey 04:30 2025-06-02 UTC+2

Crypto investors still overwhelmed by optimism

Despite the ongoing correction, investor sentiment toward buying crypto assets remains positive, as indicated by the so-called Fear & Greed Index, which, as we noted earlier, is still

Jurij Tolin 16:24 2025-05-30 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.