Optimism Toward BTC-Spot ETF Approvals Sends BTC to $30,600

“I’m quite hopeful that these ( ETF) applications will be granted, if only because they should be granted under the law.”

Grewal went on to say,

“I think that the firms have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services. So that, I think, suggests that we will see progress there in short order.”

Recently, Bloomberg Intelligence ETF Analyst James Seyffart put the chances of the SEC approving the Ark Invest BTC-spot ETF at 90%.

In the week ending October 22, BTC gained 10.43% on optimism toward the SEC approving BTC-spot ETF applications.

Prosecution to Rest in the Sam Bankman-Fried Trial

On Thursday, the prosecution scheduled to rest their case against Sam Bankman-Fried (SBF). Prosecution witnesses included Adam Yedida, Caroline Ellison, Gary Wang, and Nishad Singh.

Caroline Ellison, Gary Wang, and Nishad Singh signed plea agreements with the Department of Justice. Adam Yedida gave testimony under immunity from prosecution. Each gave damaging testimony, confessing to committing crimes with SBF or being aware of SBF committing crimes that led to the downfall of Alameda and FTX.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC breakout from the Monday high of $30,636 would support a move toward the $31,143 resistance level.

Progress toward the SEC approving the BTC-spot ETFs remains the tailwind for BTC and the broader market. However, investors must consider the lingering threat of a US Administration clampdown on the US digital asset space. The reported use of crypto in financing terrorism put the spotlight on the crypto market.

A break below the $30,107 support level would give the bears a run at the $29,193 support level.

The 14-Daily RSI reading of 75.36 shows BTC in overbought territory.


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