The second week of November crowned the digital currency market a fresh rise in overall market Cap with a total net profit of $3 Trillion after the price of Bitcoin made it to the top while hitting its first-ever highest (All-Time high) price of $69k since the last bullish run towards $67K in October. With this being a positive attraction for Bitcoin to defend its title as a hedge against inflation. The market had several institutional investors holding firm to their opinions in association with the value of Bitcoin reaching the $100K target before the year-end.
With lots of favourable fundamental news around Bitcoin, positive market performance. The past few weeks have been a great deal for investors to view Bitcoin as the most suitable strategy for hedging against inflation.
The El Salvador legalisation of Bitcoin, in combination with the positive speech made by the feds chair Jeremy Powell for banning cryptocurrency activities in the US, has been deemed unnecessary as the policymakers don‘t have any intention of terminating cryptocurrency trading in the United States. Alongside, the rise in the value of Bitcoin towards achieving its previous ATH of $67K in October was labelled following the Bitcoin ETFs that was approved by the SEC. However, these fundamental reports aren’t the only path that determines the Bitcoin market performance; other factors, including the greed and fear index, are considered to have affected the value of BTC.
Reason Behind The Denial of VanEck Long-Awaited Bitcoin Spot ETF Proposal by the SEC
So far, the Bitcoin market has seen a drastic change in price following the not so good comment of SEC chair Gary Gensler that was against the approval of VanEck Bitcoin Spot ETFs on the 12th of November. The market plummeted aggressively on the announcement with a cumulative 4% dip which took the price of Bitcoin on Friday to a daily low of $62,280 after scaling above the level on Monday 9th of November.
Market expectations for the SEC conclusion on BTC spot ETF had already been viewed as inconceivable by most market participants. Because a recent confirmation from the SEC chairman Gary Gensler clarified that every action towards creating an exchange-traded fund that instantly hunts the price of Bitcoin must be forfeited. Besides this being the significant catalyst for the rejection of Spot ETFs Gary Gensler also noted that the SEC prefers derivatives based ETFs over Spot ETFs.
In, a public announcement on Friday 12th of November, the SEC chairman made it known to the public their opinions on the proposed VanEck spot ETF alongside the Cboe BZX who was an agreed exchange partner for the VanEck Spot ETF project. The chairman stated that the creation of the Bitcoin Spot ETF product isn‘t worthy enough to protect the consumer from risk exposure to fraudulent trading activities. In a nutshell, the SEC viewed the proposition as being highly risky to the investor’s financial well-being.
The main trigger that relinquishes the entire subject of the Spot ETF was traced back to the Security Exchange Act 6(b)(5) which is the requirement that governs the national securities exchange activities and its aim to prevent fraudulent and manipulative acts and practices and to protect the investor and the public interest. The SEC had confirmed that the said proposed Bitcoin ETF hasnt met the 6(b)(5) Security Exchange Act.
What Is In-Store For Bitcoin In the Coming Days Ahead？ Technical Analysis Outlook For BTC
BTC Hourly Chart
Bitcoin is trapped in between the support and resistance levels. A break above resistance will push the price to hit a target of $68k on the flip side a dip in price below the support will plunge the price towards hitting the level of $56k bearish zone. However, with a technical analysis viewpoint on the chart market players are constantly making an attempt towards breaking above the resistance thus the coming week will hold profitable trading in the history of Bitcoin if at all price should soar beyond this level.
BTC Daily chart
The price of Bitcoin continues to print a higher high into resistance with the green rectangle representing the higher lows while the red mark illustrates higher highs moving into resistance. Trading BTC on a higher time frame with a long position could yield a profitable result.
Bottom line
Bitcoin's tendency of regaining its previous ATH this week may not be achievable as the market structure tends to remain in a low volatility condition and the fear and greed index of the market remain in extreme hence a correction in price will likely be the next event that's raving around the crypto market
To prevent yourself from suspicious brokers I choose WikiFx to research brokers: https://jump.wikifx.cc/gip？gip=A355361E6F13F706