The financial landscape is once again abuzz as Bitcoin records a slight 0.75% increase, nudging its value to settle at $26,450. Among the factors speculated to influence this upward swing is bipartisan support for Bitcoin Exchange Traded Funds (ETFs) that has recently emerged.
Both sides of the Congress have come together, strongly urging Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), to approve BTC spot ETFs and put a stop to practices seen as unfair. The collective voice of Congress stresses the need for the SEC to strike a balance between protecting investors and allowing innovative investment products like Bitcoin ETFs to bloom. A recent court case revealing discriminatory practices of the SEC towards Bitcoin ETFs has further fueled this appeal.
However, despite the unanimous call for BTC ETF approval and scrutiny, the SEC has delayed its decision approving two Bitcoin ETF applications. This setback is guessed to potentially coincide with the future U.S government shutdown, raising concerns. It’s also important to take into account the increasing skepticism surrounding the approval of Bitcoin ETF this year. Bloomberg’s James Seffyat postulates that the hesitation by the SEC to greenlight ETFs reflects a possible reluctance to approve ETFs in 2023. Those speculations could add a touch of bearishness to Bitcoin potential price trend.
Digging deeper into the Bitcoin price prediction, a 4-hour chart timeframe offers crucial insight into Bitcoin’s price dynamics. Currently, Bitcoin’s pivot point stands firm at $26,646, serving as a benchmark for resistances and supports. The immediate resistance hovers around $27,100, trailed by $27,958 and $28,438. Immediate support stands at $25,772, with other supports at $25,283 and $24,426. A slightly bullish phase is foreshadowed by a Relative Strength Index (RSI) at 51. And the MACD lines, being intertwined, suggest a balanced market.
Simultaneously, it’s worth noting the array of other upcoming cryptocurrencies to be anticipated in 2023. Being well-informed and staying up-to-date with the rapidly changing world of digital assets gives you an edge. With this in mind, professionals from Industry Talk and Cryptonews have prepared a list of top 15 alternative cryptocurrencies to watch in 2023, potentially filling your investment cart with lucrative options.
Cryptocurrency remains an intensely volatile domain. Navigating through this environment should be underpinned by comprehensive research. The relevance and potential of digital assets, much like Bitcoin’s possibilities, are ever-changing variables in the cryptocurrency universe.
Source: Cryptonews
