Bitcoin Bullish Surge Expected as US SEC Nears Spot ETF Approval

Azeez Mustapha


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Critique at GDEC 2023 Sparks an Anticipated Bearish Trend for Bitcoin  

As the US SEC nears approval of the Spot ETF, a bullish surge in bitcoin is expected. The impending bullish trend for Bitcoin (BTC) revolves around the awaited approval and launch of the first US Spot Bitcoin ETF. Forecasts hint at the US Securities and Exchange Commission (SEC) greenlighting at least one Spot ETF by January 2024, propelling Bitcoin and altcoin prices.

Key figures, including Anthony Scaramucci, CEO of SkyBridge Capital and a cryptocurrency investor, express confidence in ETF approval. Scaramucci’s optimism stems from SEC discussions with BlackRock, the world’s largest asset management company, predicting a positive outcome by January 10, 2024. Despite acknowledging potential delays, he deems it the most logical scenario. Bloomberg’s ETF analysts anticipate a likely SEC approval window between January 5 and 10, 2023.

Key Bitcoin Levels To Watch – December 3

TradingView ChartFollowing the successful breakout of the falling trendline in October 2023, BTCUSD has been in an upward trend. The current trend of the market aligns with the indication of the MA Cross. 
The MACD (Moving Average Convergence Divergence) remains above the zero line as the price keeps expanding to the upside. This indicates the persistence of the bulls in continuously driving the price of the coin to the upside.

BTC/USD Key Levels

Resistance Levels: $37400.00, $43110.00, $48240.00 
Support Levels: $31860.00, $28470.00, $24900.00

BTC Metrics

Total Market Capitalization: $1.42T 
Bitcoin Market Capitalization: $774B
Bitcoin Volume: $17.7B
Market Rank: #1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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