- This week, it will be a crucial period for the crypto market and it is likely to bring a much-needed recovery in Bitcoin and altcoin prices, as important decisions will be made.
- The court decision regarding SEC Chairman Gary Gensler’s reluctance to approve the spot Bitcoin ETF is constantly being postponed. Furthermore, if Grayscale wins the case, it means that the SEC will approve the spot Bitcoin ETF within this year.
- Responses to the ETF applications made by Bitwise, BlackRock, VanEck, WisdomTree, Fidelity, and Invesco are expected to be received by the end of the week.
The decision regarding the Grayscale and SEC case is expected to be announced today or on Friday; Will the decision be sufficient for the recovery of Bitcoin?
Decision Expected in the Grayscale – SEC Case
This week will be a crucial period for the crypto market and it is likely to bring a much-needed recovery in Bitcoin and altcoin prices, as important decisions will be made. Traders and whales are waiting for a possible decision in the Grayscale and SEC case and the decision of the United States Securities and Exchange Commission (SEC) on six Bitcoin ETF applications, including BlackRock’s spot Bitcoin ETF.
Experts point out that the decision in the Grayscale and SEC case this week will be a long-awaited one. The Grayscale decision will likely come on Tuesday or Friday. Furthermore, the SEC will decide on the six Bitcoin ETF applications made by leading asset management companies. Responses to the ETF applications made by Bitwise, BlackRock, VanEck, WisdomTree, Fidelity, and Invesco are expected to be received by the end of the week.
Previously, Bloomberg Intelligence ETF analysts had stated that there was a 70% chance of Grayscale winning the SEC case. However, due to SEC Chairman Gary Gensler’s reluctance to approve the spot Bitcoin ETF, the court decision is constantly being postponed. Furthermore, if Grayscale wins the case, it means that the SEC will approve the spot Bitcoin ETF within this year.
The decision regarding Bitwise, BlackRock, VanEck, WisdomTree, Fidelity, and Invesco will be made on Friday. Approval or evaluation of the spot Bitcoin ETF by the United States SEC will create a positive sentiment in the crypto market.
Can BTC Price Recover?
After dropping below $25,800 in mid-August, the Bitcoin price has mostly been moving sideways. Analysts believe that if Bitcoin closes the bearish period, it will gain upward momentum by surpassing $26,000.
On the 4-hour timeframe, the Bollinger Bands appear at their narrowest level, indicating a potential significant movement in the BTC price. Traders should consider trading volume and macro factors such as DXY to confirm a recovery.
The BTC price is currently trading around $25,980 and moving towards another support level. Trading volume has increased by 35% in the last 24 hours.
