DOGE Eyes $0.080 as Bitcoin Strikes a New 2023 High on Spot-ETF Optimism

Approval Window Opens for 12 Bitcoin Spot ETFs

On Wednesday, Bloomberg Intelligence ETF Analyst James Seyffart delivered the latest news on BTC-spot ETFs, saying,

“This window for all 12 ends by 11/17. But theoretically, SEC could make a decision on the first 9 on this list at any point from now until January 10, 2024.”

Seyffart provided a detailed list of the BTC-spot ETFs in question. The list included S-1A filing status and the deadline dates for approval, from the first to the final deadline.

According to the list, Hashdex Bitcoin ETF and Franklin Bitcoin ETF have a first deadline of November 17, 2023. The second deadline of November 21, 2023, is for Global X Bitcoin Trust (Global X). However, the final deadline for the decision on Hashdex Bitcoin ETF and Franklin Bitcoin ETF is May 30, 2024.

Seyffart also released a new research note on the progress toward a BTC-spot ETF market, saying,

“We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.”

The latest updates fueled buyer appetite for BTC and ETF early in the trading session on Thursday. BTC struck an early high of $36,598, with ETH reaching $1,926.

Bullish Signals for DOGE as 100k+ Addresses Climb Higher

On Thursday, DOGE was up 1.06% to $0.0760. An upswing in wallets holding 100k+ DOGE sends bullish price signals.

According to Coinmarketcap, wallet addresses holding 100k+ DOGE increased from 2.84k on October 1 to 3.30k on November 6. Notably, wallets with between 1k and 100k DOGE increased from 154.67k to 173.61k over the same period.

Looking at the trends, a break above the July 23 high of $0.0838 would bring April levels into play. DOGE struck a high of $0.1048 on April 3, 2023.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs.

A BTC breakout from the $36,400 resistance level would support a move toward $40,000.

Updates from the SEC and the respective ETF issuers will dictate near-term trends.

A BTC fall below $36,000 would give the bears a run at the $35,265 support level. A break below the $35,365 support level would bring sub-$35,000 into play.

The 14-Daily RSI reading of 81.08 shows BTC sitting in overbought territory. Selling pressure could intensify at the $36,400 resistance level without favorable BTC-spot ETF-related news.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs. Significantly, the 50-day EMA pulled away from the 200-day EMA after the bullish cross, a bullish price signal.

An ETH break above the $1,926 resistance level would support a move to the $2,021 resistance level.

However, a fall through the trend line would bring the $1,805 support level into play.

The 14-period Daily RSI of 73.68 shows ETH in overbought territory. Selling pressure could intensify at the $1,926 resistance level without a favorable cryptocurrency-related event.