BTC - Slow and Steady Climbing Up - SEC news .. ETF news.. ?
Bitcoin is slowly edging up from the 17k lows the other week. In my opinion the worst pain is over, and a return to sub 20k is possible but extreme drops unlikely; slow crabs up and down feel more likely in the near term.
If the Fed doesn't get more aggressive with QT and rates (more than expected) and the ECB follows through on their own rate increases, we probably priced in a couple more 50 to 75bp hikes. Also the US Dollar Index is continuing to demonstrate weakness, and if it rejects and commits to a longer downtrend, that would be a potential boon to crypto.
We flipped the short term resistance (mid June) to support, respecting that into next week's close would be a very positive sign, but we still have time to drop below it. Overhead is the key November resistance, now around 28k. I think a weekly close over 30k would do a lot to reinvigorate market participants.
However the news from Gary Gensler (SEC) today that he views Bitcoin as the only likely commodity from the crypto market is a possible prelude to the ETF approval, and would definitely send Bitcoin back up. Plus rumors of Grayscale securing tentative funding to shore up their fund if the ETF is approved is floating around, meaning confidence is probably growing among certain circles that the EFT will be approved.
In any case, low timeframe volatility is the most likely scenario in the near term, so trade safely.
If the Fed doesn't get more aggressive with QT and rates (more than expected) and the ECB follows through on their own rate increases, we probably priced in a couple more 50 to 75bp hikes. Also the US Dollar Index is continuing to demonstrate weakness, and if it rejects and commits to a longer downtrend, that would be a potential boon to crypto.
We flipped the short term resistance (mid June) to support, respecting that into next week's close would be a very positive sign, but we still have time to drop below it. Overhead is the key November resistance, now around 28k. I think a weekly close over 30k would do a lot to reinvigorate market participants.
However the news from Gary Gensler (SEC) today that he views Bitcoin as the only likely commodity from the crypto market is a possible prelude to the ETF approval, and would definitely send Bitcoin back up. Plus rumors of Grayscale securing tentative funding to shore up their fund if the ETF is approved is floating around, meaning confidence is probably growing among certain circles that the EFT will be approved.
In any case, low timeframe volatility is the most likely scenario in the near term, so trade safely.
Feragatname
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