Make or Break Moment for Bitcoin ETFs Today! What’s In Store For BTC Price?

11 months ago 5

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The post Make or Break Moment for Bitcoin ETFs Today! What’s In Store For BTC Price? appeared first on Coinpedia Fintech News

The final countdown to the highly anticipated decision for spot Bitcoin exchange-traded funds (ETFs) in the United States is at hand, with the Securities and Exchange Commission (SEC) expected to issue a ruling today. Bitcoin (BTC) and altcoins’ volatility are expected to remain high today amid high speculation and trading volume.

Moreover, the entire crypto industry understands today’s decision will mark a huge turning point for Bitcoin’s mass adoption. Meanwhile, the participating fund managers expecting to offer spot Bitcoin ETF continue to engage in sponsor fee wars.

Bitcoin Miners and SHT Fear the Worst

Amid the high-impact news today, Bitcoin miners have been identified as depositing huge amounts of BTC in the recent past. On Monday, Bitcoin miner F2Pool deposited 1000 BTC coins in the Binance crypto exchange. In total, Bitcoin miners have sold nearly 2,300 BTC coins since Monday worth around $106 million.

Perhaps the most interesting change is the $2 billion worth of Bitcoins deposited in exchanges by short-term holders (STH), which is almost the same amount sold during the Terra Luna crypto scare. Undeniably, most STH and Bitcoin miners are fearing possible reversal amid extreme greed issued by the fear and greed index.

Yesterday, over $2B worth of #Bitcoin got sent to exchanges from STHs.

That's the fourth-highest amount in two years.

$1.3B profit vs $750M in loss (Suspicious, considering yesterday was flat to negative)

Luna selling by this cohort was $2.3B for comparison. pic.twitter.com/31nmHjUhgJ

— James Van Straten (@jimmyvs24) January 10, 2024

Analysts’ Take on BTC Price Action

Having established a solid support zone around $42k, Bitcoin price is likely to revisit the liquidity range between $48k and $52k in the coming days. However, most crypto analysts have argued that Bitcoin price is fast approaching the top of the current micro bull cycle that began during the fourth quarter of 2023.

The impact of an approval of a #Bitcoin ETF today is probably going to be slim.

Perhaps a wick towards $48k+ again and then we're done.

The ETF in long-term is one of the largest and most important events since the existence of crypto.

— Michaël van de Poppe (@CryptoMichNL) January 10, 2024

Already, Bitcoin dominance is showing early signs of reversal amid notable altcoin recovery led by Ethereum (ETH). Moreover, the ETH/BTC chart is on the cusp of a major rebound, which will accelerate Bitcoin’s reversal.

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