Bitcoin (BTC) News Today: BTC Stability as ETF Inflows Counter Fed Rate Cut Jitters
“It’s just not happening guys. Sorry.”
According to the Bloomberg article, ETH-spot ETF applicants anticipate SEC rejections next week. Journalist Emily Graffeo had this to say about the Bloomberg piece, saying,
“Some issuers are expecting a rejection next week, because their private dialog with the SEC hasn’t been as robust as it had been prior to the approval of spot-Bitcoin ETFs.”
The May deadlines for the SEC to approve or disapprove ETH-spot ETF applications are:
- VanEck Ethereum ETF: May 23, 2024.
- ARK 21Shares Ethereum ETF: May 24, 2024.
- Hashdex Nasdaq Ethereum ETF: May 30, 2024.
Grayscale withdrew its application for the Grayscale Ethereum Futures Trust.
ETH gained 0.94% on Saturday (May 18) despite expectations of the SEC declining the spot ETF applications.
Technical Analysis
Bitcoin Analysis
BTC hovered well above the 50-day and 200-day EMAs, affirming the bullish price signals.
A BTC break above the $69,000 resistance level could give the bulls a run at the $70,000 handle. A return to $70,000 would support a move toward the $73,808 all-time high.
Fed Chair Powell, US BTC-spot ETF market chatter, and SEC activity need consideration.
Conversely, a BTC drop below $65,000 would give the bears a run at the $64,000 support level and the 50-day EMA. Buying pressure could intensify at the $64,000 support level. The 50-day EMA is confluent with the resistance level.
With a 58.26 14-Daily RSI reading, BTC may break above the $70,000 handle before entering overbought territory.
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