With the deadline for Bitcoin ETF on September 1st, the market anticipates sharp moves in Bitcoin price. Starting the potential waves of such moves, Bitcoin price jumped 6.22% overnight with the news of Grayscale getting the green light to transform GBTC into an ETF. With this sudden improvement, sentiments for Bitcoin and other altcoins improve overnight.
Is The First Bitcoin ETF Upon Us?
In a landmark decision, the D.C. Circuit’s U.S. Court of Appeals has given a green light to a potential bitcoin exchange-traded funds (ETFs).
This Tuesday, the court backed Grayscale against the Securities and Exchange Commission. This ruling could set a precedent for other financial giants, such as BlackRock and Fidelity, keen on launching their own Bitcoin ETFs.
A spot bitcoin ETF would let investors tap into the booming cryptocurrency market via conventional stock exchanges. Instead of buying bitcoin directly, they’d invest in the ETF, which a brokerage would manage. This move is seen by many as a gateway to bringing cryptocurrencies to mainstream investors.
Coming Back To Charts
Inching closer to the overhead resistance of $30K, Bitcoin finds fresh bullish momentum with the U.S. deciding to favor Grayscale. Currently trading at $27,468, Bitcoin finds a minor pullback with an intraday drop of 0.93%
In the early hours of Asian markets, Bitcoin displayed a 6.22% jump on Tuesday to cross over the 200-day EMA. The 50-day EMA becomes the new ceiling as Bitcoin price fails to retest the broken support trendline.
The MACD and RSI indicators reflect the BTC price action and find a sharp bullish inclination. The MACD indicator gives a bullish crossover, whereas the RSI line spikes above the midpoint.
Following the bullish engulfing candle, BTC price ends the consolidation phase and projects a bullish week ahead. Moreover, the deadline for the ETF approval is this Friday, which may lead to further outstanding moves.
In conclusion, the market sentiments are improving and may bring BTC’s price back to the $30K mark. However, if the surge comes as a retest of the broken trend, a post-retest reversal will plunge the BTC price to retest the $25K demand block.
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