Bitcoin (BTC) experienced a minor 0.31% decline on Saturday, closing at $44,125. The ongoing talks surrounding BTC-spot ETFs continued to sway market sentiment, testing the demand for Bitcoin among buyers.
Recent developments injected an element of surprise into the crypto community as Better Markets, associated with SEC Chair Gary Gensler and Senator Elizabeth Warren, issued a late comment letter. This letter sparked concerns that the SEC might reject BTC-spot ETF applications.
Bloomberg Intelligence ETF Analyst Eric Balchunas shared updates on the BTC-spot ETF scenario, hinting at the potential finalization by January 11th. Despite this, official confirmation from the SEC is still awaited.
Insights from Bloomberg Intelligence ETF Analyst James Seyffart and commercial litigator Joe Carlasare provided a nuanced view, suggesting that Better Markets’ recent comment isn’t entirely novel but part of a prolonged process. This realization brought some reassurance, stabilizing BTC around the $44,000 mark.
Yet, uncertainties linger concerning SEC approval due to the perceived connections between Better Markets, SEC Chair Gensler, and Senator Warren. The overlapping timelines of Better Markets’ comment and Senator Warren’s push for stricter crypto regulations amplify this unease.
Senator Warren’s active role in advocating for banking-style regulations for the crypto market, coupled with her recent engagements with major bank CEOs expressing anti-crypto sentiments, heightens concerns within the crypto space.
Technical Analysis Insights:
Bitcoin Analysis: BTC maintains a bullish outlook by staying above the 50-day and 200-day EMAs. A breach of the $44,690 resistance level might lead to a move toward $46,020. Conversely, a drop below the $42,968 support level could empower the bears to target the 50-day EMA.
Ethereum Analysis: ETH remains bullish above the 50-day and 200-day EMAs. A break above $2,300 might set the stage for a test of $2,457, while a fall beneath the 50-day EMA could support a decline to $2,143. The 14-period Daily RSI hints at potential movements before entering oversold or overbought territories for both BTC and ETH.
The upcoming focus for the market will revolve around updates concerning BTC-spot ETF developments.
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