SEC Sets Deadline For Spot Bitcoin ETF Filings, Impact On Bitcoin Price Looms

• SEC’s ultimatum demands spot BTC ETF applicants to finalize filings by December 29 or risk missing the initial approval wave expected by January 10, shaping the 2024 crypto market.
• Bitcoin price hovers around $43,530, facing resistance at $44,000; RSI and MACD indicators suggest a sideways trend until ETF approval news surfaces by year-end.

SEC’s Ultimatum: Spot Bitcoin ETF Filings Must Meet New Deadline

The Securities and Exchange Commission (SEC) has recently engaged in discussions with representatives from a dozen spot Bitcoin exchange-traded funds (ETFs) applicants. Out of these, at least two issuers were urged to update their filings before the year-end, setting a critical deadline of December 29.

This deadline holds immense significance as those failing to comply risk missing out on the initial wave of anticipated approvals by January 10, potentially altering the landscape of the cryptocurrency market in the upcoming year.

Bitcoin Price Stagnates Amidst ETF Anticipation

As the market eagerly awaits the verdict on the spot Bitcoin ETF approvals, Bitcoin’s price appears ensnared at $43,530, showing lateral movement over the past week. The inability to breach the $44,000 resistance level, marking the year’s peak, indicates a short-term bullish potential should this threshold be surpassed.

However, current market indicators, specifically the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), paint a mildly bearish picture. These indicators suggest a likelihood of continued sideways movement below the psychological barrier of $44,000 until the approaching date of the spot BTC ETF approval.

Also Read: Bitcoin ETF Risks: Coinbase Sheds Light on Unanticipated Challenges

Key Points:

• Spot Bitcoin ETF Deadline: SEC imposes a December 29 cutoff for spot BTC ETF filings, potentially impacting the first wave of approvals expected by January 10.

• Bitcoin’s Price Status: Hovering around $43,530, Bitcoin faces resistance at $44,000; RSI and MACD signals hint at a sideways trend until ETF approval news emerges.