Bitcoin Slips Despite Deadline Set for ETF Issuers by SEC

• SEC says first batch of Bitcoin ETFs depends on filing S-1 amendments by December 29, 2023.
• Presently, BTC is trading below $43,500 and the 100-hourly simple moving average.

The United States Securities and Exchange Commission (SEC) has unveiled crucial updates on the eagerly anticipated approval process for spot Bitcoin exchange-traded funds (ETFs). The approval, expected in January 2024, has heightened speculation about the future trajectory of Bitcoin.

The SEC has disclosed that the initial wave of potential spot Bitcoin ETF issuers will exclusively comprise firms successfully submitting their final S-1 amendment forms by the imminent deadline of December 29, 2023. Notably, any applicant missing this pivotal cutoff date will be excluded from consideration in the inaugural wave.

Bitcoin Bulls Retreat

Currently, BTC is attempting a fresh ascent above the $43,500 resistance zone. Bitcoin made strides by surpassing the $44,000 mark. However, resistance from bears became evident near the $44,300 zone, leading to a retracement. Presently, Bitcoin is trading below $43,500 and the 100-hourly simple moving average.

In recent weeks, Bitcoin’s price has been in a state of relative stagnation. This period of consolidation followed an impressive 8-week rally, suggesting that the temporary pause in the bullish trend served as an opportunity for buyers to recalibrate and gather momentum.

On the upside, immediate resistance lies around the $43,500 level, with a more significant barrier forming near $44,000 and $44,300. A decisive breakthrough above $44,300 could catalyze a significant rally, potentially clearing the $45,000 resistance.

Further bullish momentum might propel Bitcoin towards the $47,000 level and beyond that, the $48,600 mark. Subsequent gains could even push the price toward the coveted $49,000 threshold.

Conversely, if Bitcoin falters to breach the $43,500 resistance zone, a continuation of the downtrend becomes a possibility. Initial support on the downside rests near the $42,800 level, followed by a more substantial support at $42,100. A breach below $42,000 raises the risk of further losses, potentially steering the price towards $41,600.