- SEC insider hints at approval odds surpassing 99%.
- Bitcoin’s market sentiment soars, reaching fresh yearly highs.
- Investors anticipate a game-changing moment as the final SEC decision approaches.
As the clock ticks down to the much-anticipated deadline for major asset managers’ Bitcoin ETF applications, insiders at the US Securities and Exchange Commission (SEC) are signaling a significant surge in the likelihood of approval. Initial predictions, notably Bloomberg’s 90% chance, have now been eclipsed, with insiders suggesting the probability has surged beyond an impressive 99%.
The growing optimism surrounding the approval of a Bitcoin ETF is creating a buzz in the investment community. If granted, this financial instrument could usher in substantial capital influx into the Bitcoin market, potentially amplifying its already remarkable year-to-date gains of over 153%.
A confidential source within the SEC, identified only as Andrew, recently provided an update on X (formerly Twitter), indicating that the 99% probability of approving a Spot Bitcoin ETF is now considered conservative. While recognizing the inherent uncertainties, the source emphasized that the current estimate exceeds last week’s 99% projection.
Market sentiment is undeniably on the rise, mirroring Bitcoin’s price movements as it establishes fresh yearly highs and maintains a robust bullish momentum. At the time of writing, Bitcoin is trading at $42,900, recently reaching an annual peak of $43,400 on Tuesday. In the past 24 hours, the leading cryptocurrency has surged by 4%, marking an impressive 14% increase over the past week.
The potential approval of a Bitcoin ETF has captivated the attention of investors and industry participants alike. The introduction of a regulated and accessible investment vehicle could significantly enhance liquidity in the cryptocurrency market.
With approval forecasts now exceeding 99%, optimism is building that a groundbreaking decision is imminent. While certainties are rare, the growing confidence in Bitcoin ETF approval, coupled with the cryptocurrency’s stellar performance, hints at a potentially profound impact on the market.
As the final deadline looms, market participants are eagerly awaiting the SEC’s decision, anticipating a potential game-changer for the Bitcoin ecosystem and its ongoing growth.
Bitcoin Faces Crucial Range High Resistance
Prominent crypto analyst Rekt Capital sheds light on Bitcoin’s recent price action, emphasizing key support and resistance levels within a specific price range. Identified in late November, a range between $36,120 and $43,200 has proven pivotal for potential upward moves.
Successfully testing and holding the range’s lower boundary as support has triggered a substantial rally in recent days. According to Rekt Capital, the primary objective now is to revisit the upper boundary – the black $43,900 range high resistance.
Rekt Capital underscores the importance of this resistance level as a critical reference point for Bitcoin’s price. Historical analysis reveals that Bitcoin must successfully retest the black $43,900 level as support to pave the way for further upward movement.
As the cryptocurrency faces this crucial range high resistance, market observers are closely watching to see if Bitcoin can replicate its historical performance, potentially setting the stage for a new phase of upward momentum in the market.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.