Bitcoin price is down almost 3% in the last 24 hours to sell for $36,424 as of 12:05 AM EST. The king of cryptocurrency has pulled back from its weekly highs above $37,500 amid waning momentum.
The slump comes as hope for spot Bitcoin exchange-traded funds (ETFs) approvals coming this year continues to die down. This is because the eight-day window for the US Securities and Exchange Commission to approve the product, as ETF specialist James Seyffart had indicated, closes today, November 17.
Delays coming in for November 17th #Bitcoin ETF applications.
This means the window is now closed for the SEC to approve all ETFs this week.
Expecting more delays this week, and most likely no approvals this month.
Which means hopefully by early 2024 we can see a #BitcoinETF
— Multiplex Media (@MultiplexMedia_) November 16, 2023
As the countdown started on November 9, the crypto market displayed volatility and is now losing momentum. However, one certainty continues to abound, there is a deadline in the first half of January, which means there are two months left for some deadlines to expire. Towards these dates, the market could rise again even as the BTC halving closes in.
Bloomberg Intelligence gives it a 90% chance of approval by January 10, 2024. However, in playing devil’s advocate, one must consider whether the analysts forecasting an approval by the hard deadline of the 10th know something or it could still be speculation.
Heading into the weekend, today, Friday, will see BTC holders at the edge of their seats with all eyes peeled on the SEC. If there be approval, Bitcoin price could move higher, but silence from the SEC may not disturb the markets as this outcome, where the financial regulator does not give a green light today has already been priced in.
Bitcoin Price Outlook As the Eight-Day Window Elapses
No much movement is expected from the BTC market today unless an approval does come. As such, Bitcoin price could stay sub $37,000 through the weekend as the retail market walks into the weekend.
Nevertheless, the $36,788 mean threshold of the supply zone extending from $36,276 to $37,301 remains critical for Bitcoin. A decisive break and close above it would, confirmed by a breach of the range high at $37,972, would set the tone for Bitcoin price to continue north.
The position of the Relative Strength Index (RSI) holding above 50 and the Awesome Oscillator (AO) keep hope alive as they show the bulls are still in play. This means the upside potential for Bitcoin price remains alive.
Still, it is important that Bitcoin price holds above the ascending trendline as this could lead to more gains. In a highly bullish case, the climb could set BTC at $40,000 or in very ambitious cases, send it to the $50,000 psychological level. This would signify a 40% climb above current levels.
On the flip side, if profit takers pull the trigger, Bitcoin price could slip below the ascending trendline. This would be attributed to the selling pressure from the supply barrier and could send BTC below the $35,410, or lower to test the $34,000 psychological level.
In a highly bearish case, the slump could send Bitcoin price to the supply zone that now acts as a bullish breaker, extending from $30,126 to $31,524. A break and close below $30,824 would solidify the downtrend, bringing the $30,000 level within reach.
The trajectory of the RSI heading to the south shows that momentum is already reducing. Also, the AO shows red histogram bars that are edging to the midline and could eventually flip negative. These add credence to the bearish thesis.
Meanwhile, BTCETF, a Bitcoin ETF tracking coin, continues to pump. It records almost $900,000 in presale collections, as of the time of writing, with the $1.310 million target on the horizon.
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