How much is Bitcoin worth today?
The price of Bitcoin (BTC) has been heavily scrutinized as investors and analysts watch for signs of the next major move.
Fears of Bitcoin ETF rejection mount
Since January 5, the price of BTC has been stable around $43,850 after a 4.75% decline from the local high, suggesting a cautious market awaiting decisive action.
It comes as U.S. regulators are rumored to be rejecting applications for an exchange-traded fund (ETF), a key focal point for the crypto community.
For example, the public securities registration of Fidelity Investments' Bitcoin fund has raised expectations for an approved Bitcoin ETF, fueling institutional interest and a potential regulatory phase.
However, Bloomberg Intelligence analyst James Seifert pointed out that concrete evidence to confirm the approval of the ETF is still pending. Attorney Joe Carlassare and Senior Bloomberg ETF Analyst Eric Balchunas echoed this.
The SEC is issuing final comments as we speak, and issuers will soon file 19b-4s and S-1s. So this means it's as close to “done” as we can get, but as far as I know, there's no official approval.
— Eric Balchunas (@EricBalchunas) January 4, 2024
Technical analysis of Bitcoin price
On the technical front, indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are close to a reset, which is a precursor to significant price action as seen below.
While traders advised caution on short-term expectations, others pointed to the current price as a strong buying opportunity, indicating the potential for an upward move.
Related: Spot Bitcoin ETF Capital: Can Funds Buy All the BTC in Circulation?
In summary, Bitcoin price is currently in a consolidation phase, with market eyes focused on regulatory developments and technical indicators suggesting a potential trend reversal.
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.
