In the countdown to the deadline for the long-awaited Bitcoin ETF applications by major asset managers around the world, predictions about the approval rate have increased significantly.
Inside sources from the US Securities and Exchange Commission (SEC) indicate that Bloomberg’s initial 90% chance prediction approval has now increased beyond 99%.
This development has increased the excitement surrounding this investment vehicle, which has the potential to bring enough entry of capital into the Bitcoin market and further boosted its year-to-date gains by more than 153%.
Market Sentiment Soars As Bitcoin Approval Probability Over 99%
Andrew, an SEC insider, shared a update of X (formerly Twitter), stating that the 99% probability of a Spot Bitcoin ETF being approved is no longer considered high enough.
While acknowledging that nothing is certain, the source emphasized that the current probability of approval has surpassed the 99% estimate from last week.
Market sentiment is clearly reflected in the price movement of Bitcoin, as it continues to establish new annual highs and shows unwavering strength.
Currently trading at $42,900, Bitcoin just reached a new yearly peak of $43,400 on Tuesday. Over the past 24 hours, the largest cryptocurrency has increased by 4%, and it has witnessed an incredible increase of more than 14% in the last seven days.
It is worth noting that the prospect of a Bitcoin ETF being approved has caught the attention of investors and industry participants. If approved, the ETF will provide a regulated and accessible investment vehicle for institutional and retail investors, which can bring significant liquidity to the cryptocurrency market.
The increase in approval forecasts to more than 99% further increases the optimism that this important decision is imminent. While nothing is guaranteed, the growing confidence in the approval of the Bitcoin ETF and the impressive price performance of the cryptocurrency highlight the potential for a significant positive impact on the market.
As the final deadline approaches, market participants eagerly await the SEC’s decision, anticipating the potential game changer for the Bitcoin ecosystem and its continued growth.
BTC Faces Crucial Range High Resistance
Renowned crypto analyst Rekt Capital sheds light on Bitcoin’s recent price action, emphasizing the importance of key support and resistance levels within a certain price range.
In late November, Rekt Capital identified a range between $36,120 and $43,200, highlighting the importance of the lower bound for a potential upward move.
Bitcoin has successfully tested and held the lower boundary of the range as support, resulting in a huge rally in recent days. The main purpose now, according to Rekt, is to revisit the upper limitknown as the black $43,900 range high resistance, as seen in the chart below.
Rekt Capital emphasizes the importance of the black Range High resistance as an important reference point for the price of Bitcoin. During the parabolic phase of the 2021 Bull Market, Bitcoin was able to break above this level relatively quickly.
On two occasions, the cryptocurrency surged beyond the black level, with the first time being followed by a retest of the level as a new support, leading to further upward momentum.
The second time happened later in the year when Bitcoin successfully retested the black level as short-term support before resuming its ascent.
However, in late 2021, Bitcoin lost the black level as support (first red circle from the left) and experienced a fake breakout above it, which followed a multi-week downtrend.
Rekt Capital emphasized that Bitcoin’s historical performance suggests that the cryptocurrency should successfully retest the black $43,900 level as support to pave the way for further upward movement.
Featured image from Shutterstock, chart from TradingView.com