The positive news for Bitcoin (BTC), like the rumors that the US (CFTC) will grant ICE permission for Bitcoin futures and the SEC will ratify the ETF, has begun to slowly enjoy the investors.
Positive News for Bitcoin (BTC)
Yesterday was a very solid day for Bitcoin and crypto money investors. The Interstate Stock Exchange (ICE), operator of the 12 stock exchanges, including the world’s largest stock exchange, the New York Stock Exchange, was allowed to perform Bitcoin futures. As a result of the permission granted by the Commodity Futures Commission (CFTC), the futures will be started from December 12th through Bakkt .
The fact that CTFC has allowed Bitcoin Futures to pave the way for a new global acceptance. Following this decision, the eyes of the crypto market were turned into SEC’s Bitcoin ETF project approval. The positive impact of the market on the decision of the SEC for the ETF would have caused a positive wave in Bitcoin prices.
Crypto Lovers in the Commission Are Replicating
According to reports leaked from the SEC, after Black Stein will leave the SEC in December, Allison Lee, a crypto-lover, will come. There are also crypto supporters like Elad Roisman and Hester Pierce in the Commission as well as large signs that the Bitcoin ETF project will be accepted.
If the SEC approves the ETF by December, the Bitcoin price may jump to $ 20,000. This would mean firing the flare of the bull wave.
However, the SEC, Bitcoin ETF offer 7 different stock exchanges and the firm’s attempts to respond to the negative hopes broke a little. In spite of everything, the positive Bakkt decision of CTFC could be a reference to the SEC’s ETF decision.
Bitcoin Price Analysis
On a weekly basis, Bitcoin continues to idle. Even this week fell by 3%. , Bitcoin is relatively constant and fell three percent. However, the recent Bitcoin ETF rumor and the launch of the Bakkt Bitcoin Futures are heralds of something. Followers will turn this into an opportunity.
Considering a consolidated market with clear support and resistance lines, I advise you to trade by the trend definition last week. The price may increase over $ 7,200 to create an opportunity for buying. Because the positive news for Bitcoin (BTC) media coverage of the bull race is rising.
However, as long as Bitcoin walks over $ 5,800 to $ 6,000 support levels, I suggest you enter the long position on each fall.
The stability in the weekly chart also applies to the daily chart. We see prices at $ 300 with support for $ 6,500. However, I recommend that you make purchases at a drop below the $ 6,000 support line.
We can see immediately that the effect of October 15 on the market continues. Assuming the continuation of the ascension, our first line of resistance will be 7,200 and the second will be $ 8,500.