Bitcoin Price Rally On The Horizon? BTC Spot ETFs May Get The Green Light Today

In what could be a pivotal day for the Bitcoin price, the last day for the US Securities and Exchange Commission (SEC) to appeal the Grayscale Bitcoin (BTC) spot Exchange-Traded Funds (ETF) decision is approaching, and the crypto community is eagerly awaiting the outcome.

The implications of this decision are significant, as it could pave the way for the approval of several other spot Bitcoin ETFs

How To Get Free Crypto  

Impending Approval Of All Proposed Bitcoin Spot ETFs? 

According to crypto YouTuber Crypto Rover, if the SEC does not appeal the court’s ruling by the end of the day, it would potentially lose its ability to deny future applications, resulting in the likely approval of all proposed spot ETFs.

The current list of applicants seeking approval includes prominent names such as Grayscale Bitcoin Trust, Ark/21 Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, BlackRock Bitcoin ETF Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin Bitcoin Trust.

If all Bitcoin spot ETFs are approved, the move would mark a significant milestone in the mainstream adoption of cryptocurrencies. 

Accepting these financial instruments would provide investors with a regulated and easily accessible avenue to gain exposure to Bitcoin’s price movements without directly owning the underlying asset. 

Coinbase Banner  

The approval would also vote for confidence in the cryptocurrency market, attracting institutional investors and potentially injecting fresh capital into the space.

The approval of Bitcoin spot ETFs also can ignite a renewed sense of optimism and investor sentiment. The anticipation of such a development has already fueled speculation of a Bitcoin rally, with market participants eyeing a new annual high. 

The thawing of the crypto winter and the approval of these ETFs could create a perfect storm for a Bitcoin price to surge, potentially breaching the $30,000 mark and beyond.

Bitcoin Price Awaiting ETF Relief

The largest cryptocurrency in the market is striving to reclaim the crucial $27,000 level, trading at $26,700. This level holds significant importance for bullish investors as it represents a key threshold to break the mid-term downtrend structure observed in BTC’s 1-day chart since its yearly high of $31,800 on July 13

FreeBitcoin Banner  

Bitcoin’s price went sideways after falling below $27,000 on the daily chart. Source: BTCUSDT on

Additionally, the failure of the Bitcoin price to hold its 200-day (yellow line) and 50-day (brown line) moving averages (MAs) as support lines is a cause for concern among bullish traders. These MAs, similar to the situation in March 2023, are currently converging.

However, the potential approval of a BTC spot ETF could provide much-needed relief to Bitcoin’s price. Forming a complete rally would require overcoming various resistance levels in such a scenario.

In the short term, Bitcoin’s price will likely face a significant obstacle at the $27,900 level, which was briefly surpassed on October 2nd. Furthermore, BTC encounters a 3-month resistance at $28,700, marking the final hurdle before reaching the $30,000 level, serving as another resistance line.

Nevertheless, the community anxiously awaits the approval of BTC spot ETFs, hoping that it will bring a sense of relief and bullish momentum for investors and Bitcoin’s price. 

Featured image from Shutterstock, chart from 

Go to Source
Author: Ronaldo Marquez

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.