...

Bitcoin Technical Analysis – October-24-2023

Share

In this BTCUSD analysis, we delve into the significant news and events that could potentially influence the price of Bitcoin.

Bitcoin’s price has once again caught everyone’s attention as it crosses the $33,000 mark. This has led people to wonder if there’s another big wave coming in the world of digital currency.

btcusd analysis

BTCUSD Analysis – Daily Chart

Market Shake-up

Some experts believe that the market might experience a major change soon. This belief is strengthened by a billionaire’s decision to increase his gold and Bitcoin holdings due to concerns about a possible drop in the value of the US dollar.

The excitement grew even more when a false news report claimed that the US Securities and Exchange Commission (SEC) had approved a Bitcoin ETF. This caused a rush in the market, affecting even stable digital currencies like Ethereum and XRP. If the US approves a Bitcoin spot ETF, it could add a massive $1 trillion to the value of the crypto market.

Anticipation for Bitcoin Halving Event

As we get closer to the much-talked-about Bitcoin halving event, people all over the world who trade, invest in, or are just interested in crypto are waiting to see what will happen in the market.

Grayscale Verdict and SEC Review

The US Court has ordered Grayscale Verdict, paving the way for the SEC’s review of a Bitcoin Spot ETF. This is a significant step forward. The US Court of Appeals has instructed the SEC to reconsider Grayscale Investments’ request for a Bitcoin spot exchange-traded fund (ETF). This order comes from an Oct 23 document in the US Court of Appeals for the District of Columbia Circuit. It follows the SEC’s decision not to contest the court’s initial ruling on Aug 29.

The Oct. 23 order supports the court’s Aug. 29 decision and gives Grayscale another chance to turn its Grayscale Bitcoin Trust into a Bitcoin ETF on the market. The SEC has consistently denied approval for any spot crypto ETFs on US exchanges. However, it has approved investments linked to Bitcoin and Ether futures.

Grayscale’s Position Strengthened

On Oct. 19, Grayscale further strengthened its position by submitting a registration statement to the SEC. The company hopes to list its Bitcoin trust shares on the New York Stock Exchange Arca under the GBTC ticker. Other major companies, including BlackRock, ARK Investment, and Valkyrie, also have similar spot crypto ETF applications waiting for SEC approval.

Potential Impact on Bitcoin Price

This development could potentially boost Bitcoin’s price. If Grayscale’s application is approved, it could indicate increased acceptance by institutions. This would increase liquidity and confidence in the crypto market.

Moreover, as major companies like BlackRock and ARK Investment wait for decisions on their applications, anticipation and speculation could also cause short-term price changes.

  • 24 October 2023
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.