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Bitcoin Soars as SEC Nears Spot ETF Approval

According to a recent Bloomberg article, the US financial authority is expected to approve Bitcoin Spot ETFs as soon as this week. The Securities and Exchange Commission (SEC) made the important decision, and with the regulatory deadline approaching on January 10, Bitcoin investors are waiting with bated breath.

According to Bloomberg, the regulator may use the January 10 deadline to announce judgments on numerous Spot Bitcoin ETF applications at the same time. Almost a dozen applicants, who have acquired seed financing and advertised their Spot BTC ETF product, are waiting for the SEC’s decision.

Since September 11, 2023, the price of Bitcoin has been rising. Except for December 2023, when prices moved sideways below the $45,000 mark for a long portion of the month, BTC regularly posted higher highs and higher lows during this time.

The $45,000 mark is psychologically significant for Bitcoin investors because it indicates a crucial zone when 2.29 million wallet addresses acquired 994,920 BTC worth around $43.57 billion at an average price of $43,802 (as noted on IntoTheBlock).

Looking back at Bitcoin’s price history, it fell from a high of $69,158.74 in November ’21 to a low of $15,541.05 in November ’22. BTC maintained a position above the 50% Fibonacci level ($42,349.89) of this slide in January 2024, indicating an effort to recover above $45,000.


Bitcoin’s price is now higher than its two long-term Exponential Moving Averages, with the 50-day EMA at $41,337.99 and the 200-day EMA at $34,211.52.

The 61.8% Fib level, which is located around $48,676.78, is the next key resistance level for Bitcoin. A daily candlestick closing below the 50% Fib mark at $42,349.89, on the other hand, may cast doubt on Bitcoin’s bullish future. Within the downtrend, probable support is around $41,338.66, which corresponds to the 50-day EMA.


Dr. William Odion is a financial coach and consultant who specializes in Forex and Crypto trading. He is also an author, founder and CEO of Probaba EA Consults a.k.a Probabafx, and a brand influencer and real estate investor.

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