The crypto market is gearing up for a pivotal week as it holds its collective breath in anticipation of significant developments that could potentially spark a much-needed revival in Bitcoin and altcoin prices. The two crucial factors looming on the horizon are the outcome of the Grayscale v. US SEC lawsuit and the highly-anticipated decisions by the U.S. Securities and Exchange Commission (SEC) regarding six Bitcoin Exchange-Traded Fund (ETF) applications, including one from financial giant BlackRock.
In the crypto realm, all eyes are firmly fixed on the Grayscale versus SEC legal battle, as indicated by Nate Geraci, co-president of the ETF Institute, that a verdict is imminent, possibly as early as this week, on either Tuesday or Friday. The intense scrutiny of this legal clash is justified due to its profound implications for the future of cryptocurrency regulations. ETF analysts from Bloomberg Intelligence have gone so far as to propose that Grayscale boasts a robust 70% likelihood of emerging victorious in this legal tussle.
However, this decision has been persistently deferred, primarily due to the cautious stance of SEC Chair Gary Gensler regarding approving a spot Bitcoin ETF. If Grayscale emerges victorious in this legal battle, it could pave the way for the SEC to greenlight Bitcoin ETF later this year, a development long awaited by crypto enthusiasts.
The week’s climax is expected on Friday when the SEC is set to announce its verdict on the six Bitcoin ETF applications submitted by major asset management firms, including Bitwise, BlackRock, VanEck, WisdomTree, and Invesco. The potential approval or consideration of a spot Bitcoin ETF by the SEC promises to infuse the crypto market with renewed optimism.
Crypto Experts Track Bitcoin’s Recovery
Market observers are eyeing a potential Bitcoin price rebound, with the target being a climb above the crucial 200-week moving average (200-WMA) at $27,580. Michael Saylor, the executive chairman of MicroStrategy, emphasized that Bitcoin rarely trades beneath the 200-WMA, suggesting that the current market conditions present an enticing buying opportunity for investors.
Bitcoin’s price has remained sideways since dipping below $25,800 in mid-August. Analysts believe a noteworthy upward momentum could be ignited if the cryptocurrency concludes the month above the $26,000 mark. In the past few hours, Bollinger Bands are signaling the narrowest range, hinting at an impending significant price movement for BTC.
Crypto enthusiasts are urged to monitor trading volumes and macroeconomic indicators like the U.S. Dollar Index (DXY) performance as validation tools for potential market resurgence. The latest data reveals Bitcoin trading at approximately $26,950, creeping ever closer to the next support level. An attention-grabbing surge in trading volume, surging by an impressive 35% over the last 24 hours, injects an additional layer of intrigue into the dynamic crypto landscape.
Related Reading:| Bitcoin ETF & Halving To Ignite Explosive 2024 Bull Run