\nBitcoin price back on the move and likely to break above $44,000 on Wednesday as investors look forward to the spot ETFs\u2019 approval in January.\t\t\t\t<\/p>\n
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Published 10 mins ago
Updated 28 mins ago <\/p>\n
The crypto market took a breather late last week following the brief rallies catalyzed by the Federal Reserve\u2019s anticipation of three rate cuts in December. Investors in risk assets like Bitcoin and crypto also welcomed with open arms the decision to keep interest rates unchanged amid signs of falling inflation.<\/p>\n
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Following the FOMC meeting,\u00a0Bitcoin price<\/span><\/a>\u00a0increased to above $43,000 but left the key determinant level at $44,000 untouched. This situation quickly sunk holes in the bullish outlook, resulting in negative pressure throughout the weekend and early this week.<\/p>\n Growing optimism ahead of the approval of the first\u00a0Bitcoin spot exchange-traded funds (ETFs)<\/span><\/a>\u00a0in the US saw the market generally resume the uptrend, but uncertainly among investors curtailed the expected gains, leaving BTC to wobble above support at $42,500.<\/p>\n Recommended for you:<\/b>\u00a0Chainlink Price Prediction: Can LINK Bounce Back or Brace for Deeper Descent?<\/span><\/a><\/span><\/p>\n Traders are not willing to bet on short positions in BTC, considering the coin has successfully tested support areas at $40,000 and $42,500 and bounced back. At the time of writing,\u00a0Bitcoin has climbed to trade at $43,664<\/span><\/a>\u00a0as bulls push towards one of the deciding price levels at $44,000.<\/p>\n The Moving Average Convergence Divergence (MACD) indicator dons a buy signal, suggesting that the renewed uptrend may be sustained toward the coveted $50,000 level.<\/p>\n <\/p>\n A bullish crossover, created by the 20 Exponential Moving Average (EMA) (in blue) and the 50 EMA (in red) improves the odds of a breakout above $44,000 and could spread FOMO among investors and subsequently catalyze the climb to $50,000.<\/p>\n Based on the Money Flow Index (MFI), there\u2019s more money flowing into Bitcoin than the outflow volume. If this trend continues as the MFI rises into the overbought area, the path with the least resistance will majorly remain to the upside.<\/p>\n Officials from BlackRock, Nasdaq, and the Securities and Exchange Commission (SEC) are reported to have met for the second time in December to deliberate rule changes needed to support the expected listing of spot Bitcoin ETFs.<\/p>\n \u201cThe discussion concerned The NASDAQ Stock Market LLC\u2019s proposed rule change to list and trade shares of the iShares Bitcoin Trust under Nasdaq Rule 5711(d),\u201d a meme regarding the rule change read in part.<\/p>\n Nasdaq provides a framework and the associated regulatory guidelines necessary for listing and trading of Commodity-Based Trust Shares and outlines the requirements for the first and progressive listings. This would also include surveillance and compliance rules put in place to retain market integrity while preventing fraudulent activities.<\/p>\n #Bitcoin<\/a> Spot ETF is a 99.9% done deal! <\/p>\n However, institutions are creating FUD so that they can enter at a much lower price.<\/p>\n \u2014 CryptoBusy (@CryptoBusy) December 19, 2023<\/a><\/p>\n<\/blockquote>\n <\/p>\n If the ETFs are approved, Bitcoin price could explode to new all-time highs as institutional investors rush to seek exposure via the new investment vehicles. Market analysts expect BTC to rally following the approval with some projecting a rally to $160,000 in 2024.<\/p>\n \n Share this article on:<\/p>\n –><\/p>\n John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market. <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nBitcoin Price Prediction: Can BTC Rise To $50k In December?<\/h2>\n
BlackRock, SEC Meet To Discuss Bitcoin ETF Listing Rules<\/h2>\n
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