Bitcoin bull market gauges ‘close to reset’ as BTC price hovers at $43k
Bitcoin (BTC) fell to January 4th as markets recover from 9% BTC price collapse.
Analyst sees Bitcoin ETF decision “next week”.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $43,000 ahead of the Wall Street open.
Still $3,000 down from the top of the week, the biggest cryptocurrency in the United States has chosen to tread water as the lot and time of the first Bitcoin exchange-traded fund (ETF) continues to be a mystery.
It came amid industry claims that U.S. regulators would reject the latest ETF applications, continuing a years-long struggle to launch them.
No specific evidence was presented, and commentators were quick to dismiss the idea that the decision was already known.
Subsequent filings by ETF providers fueled further intrigue. These included a securities registration by Fidelity Investments, which received claims shortly after approval.
BREAKING: @Fidelity files Form 8-A for FIDELITY WISE ORIGIN Bitcoin Fund #Fidelity
8-A means they are now a publicly traded registered security!!!!$FBTC ETF Approved!
Update: Next up will be the list of 315948109 @CBOE. I… pic.twitter.com/N1QXDKKxgM
— Martyparty (@martypartymusic) January 3, 2024
In response, however, Bloomberg Intelligence analyst James Seifert again dismissed the documents as confirming the ETF's green light.
“I'll wait until next week,” he said in the X (formerly Twitter) comments section.
RSI is among the indicators that are lining up for a rebound
Bitcoin markets have been exposed to little in the way of compelling forces, both up and down.
Related: 15 Years, 90K ‘Bitcoinaires' — Bitcoin Millionaire Wallets Jump 300%
Prominent trader Daan CryptoTrades has observed a return to BTC's familiar price range since December, telling X subscribers “not to expect much” in the short term.
#Bitcoin bounces back near mid-range after reversal from above.
It's good to keep watching this region for potential breaks. As long as the price is in the middle range, don't expect too much. pic.twitter.com/rtRauKCkCO
— Daan Crypto Trades (@DaanCrypto) January 4, 2024
Fellow trader Jelle was soon more optimistic, highlighting the key stages to play.
An X post on the day mentioned that both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators were “fully restored” – a precedent Cointelegraph reported last week.
Price grinding at the 25-day EMA, RSI and MACD are about to reset completely.
ETF news soon.
It's going to be a big week. #Bitcoin pic.twitter.com/TWeZgUoLYj
— Jelle (@CryptoJelleNL) January 4, 2024
A day earlier, Jelle described the current prices for both Bitcoin and altcoins as “the best buying opportunity in a long time.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
