By ForexTime
The cryptocurrency entered the new year in a volatile and choppy fashion amid growing speculation over regulators giving the green light. Indeed, the approval of a spot Bitcoin ETF would mark a historic moment for the digital asset – representing potential inflows of new investors.
Taking a quick look at the technical picture, Bitcoin has entered standby mode on the daily charts with prices trading marginally below $44.5k as of writing.
Whatever decision the SEC takes on Wednesday, it is likely to have a lasting impact on Bitcoin.
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In the meantime, here are 3 potential outcomes to watch out for:
The SEC approves the first bitcoin ETF in the United States, marking a watershed moment after 10 years of failed applications.
A spot bitcoin ETF is a big deal and provides investors with easier and supposedly more reliable access to the world’s largest cryptocurrency without having to purchase it directly.
It is worth keeping in mind that the SEC sued Coinbase back in June for operating as an unregistered securities exchange, broker and clearing agency.
Given how Coinbase is the largest US crypto exchange and the only one that’s a public company, it stands to greatly benefit from a spot Bitcoin ETF approval as the middleman.
The SEC recently tweeted “NO GO to FOMO”, essentially warning about the fear of missing out behavior for cryptocurrencies and other trending investments.
Bitcoin is turning bullish on the weekly charts with prices respecting a weekly bullish channel.
Prices have entered standby mode ahead of Wednesday’s major risk event. However, resistance can be found at $44,500 with the next point of interest at $50,000. Beyond this point is the all-time high just below $69,000.
Should prices slip back below $37,000, this may open the doors towards $30,000 and $20,000.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
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