Bitcoin
Bitcoin (BTC) News Today: BTC Holds Back Despite Spot ETF Trends and Fed Uncertainty
It could be a crucial next week for the BTC and BTC spot ETF market. The Fed’s interest rate decision/press conference, US ISM services PMI and US jobs report may impact buyer demand for BTC spot ETFs.
Weaker demand could further offset the effects of the Bitcoin halving, which continued to provide price support at current levels.
ETH, Consensys vs. SEC and the ETF-Spot ETF market
ETH bucked the broader market trend on Saturday (April 27), rising 3.96% to end the session at $3,255.
News of Consenys filing a lawsuit against the SEC fueled buyer demand for ETH. Consensys cited two reasons for filing the lawsuit,
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The SEC should not be allowed to arbitrarily expand its jurisdiction to include regulating the future of the Internet by mislabeling ETH as a security.
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The SEC’s reckless approach is bringing chaos to developers, market participants, institutions and nations, who are building or already managing critical systems running on Ethereum.
A victory against the SEC could pave the way for an ETH spot ETF market.
Technical analysis
Bitcoin Analysis
Bitcoin hovered below 50 days EMA while remaining above the 200-day EMA. EMAs affirmed bearish price signals in the short term but bullish price signals in the long term.
A BTC break above the 50-day EMA could give bulls a run at the $69,000 resistance level. A return to the $69,000 level would support a move towards the all-time high of $73,808.
On Sunday, investor sentiment regarding the Fed rate trajectory and the likely impact on buyer demand for US spot BTC ETFs need to be considered.
On the other hand, a BTC break below the $64,000 resistance level would give bears a run to the $60,365 support level.
With a 14-day RSI reading of 45.39, BTC could fall below the $60,365 support level before entering oversold territory.