The co-founder of Valkyrie Investments and its current CIO, Steven McClurg, indicated to industry portal The Block that he expects approvals for spot Bitcoin ETFs to be approved tomorrow evening, with trading starting as early as Thursday. Just before the news, there was a strong downward move on Bitcoin, which was quickly erased. It's still likely that U.S. regulators will hold off on a final decision on spot ETFs until tomorrow.
- Most of the smaller projects are seeing declines today. Filecoin and Apecoin are losing around 6%, and STEPN's discount is approaching the 10% area. Ethereum loses 2.6% and is trading near $2,200. Bitcoin encountered strong resistance above $47,000 but reaction after Valkyrie communicate suggest that bulls are still active. The dollar index is gaining 0.14%, putting pressure on risky assets, and declines are also seen on European and US stock exchanges.
Bitcoin chart (M30)
The largest of the cryptocurrencies halted declines after a dynamic correction that reached $45.500. Currently, the bulls are back above $46,500, but it seems that ahead of the SEC decision, BTC may struggle to climb to new highs this year. Looking at the range of the previous three major price moves, in the event of a further correction, Bitcoin's price could test the area between $42,000 and $43,000, where we see previous price reactions and the 23.6 Fibonacci retracement of the October 2023 upward wave. Still, the upward move cannot be excluded and the key may be $50,000 psychological support level.
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Source: xStation5
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