Category: Forex News
Bitcoin (BTC) News Today: BTC-spot ETF Market Trends and Investor Sentiment
After the Ethereum Merge, SEC Chair Gensler labeled ETH as a security because of the change in protocol to Proof-of-Stake (PoS). The SEC classification of ETH as a security creates an uncertain future for an ETH-spot ETF market.
On Tuesday, Eric Balchunas stuck to his previous prediction of an ETH-spot ETF approval, saying,
“Re Eth ETF approval, we are holding the line at 25% odds altho tbh it is a very pessimistic 25%. The lack of engagement seems to be purposeful vs procrastination. No positive signs/intel anywhere you look. Personally hope they do approve it but it just ain’t looking good.”
In January, SEC Chair Gary Gensler warned against seeing the SEC approval of BTC-spot ETFs as a precursor to crypto-spot ETFs.
Nonetheless, hopes of an ETH-spot ETF market linger, exposing ETH to spot ETF market-related news and chatter.
Technical Analysis
Bitcoin Analysis
BTC sat well above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC break above the Tuesday (March 26) high of $71,570 would support a run at the March 14 ATH of $73,808. A breakout from the ATH could give the bulls a run at the $75,000 handle.
On Wednesday, BTC-spot ETF market flow data remains the focal point.
Conversely, a fall through the $69,000 support level could give the bears a run at the $64,000 support level.
The 14-Daily RSI reading, 60.06, indicates a BTC return to the ATH of $73,808 before entering overbought territory.
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