BTC-Spot ETF Trail Goes Cold
Bitcoin (BTC) rallied 1.91% on Sunday, ending the week up 0.68% to $37,386. Dip buyers returned as investors moved on from the approval window for the SEC to approve 12 BTC-spot ETFs.
The SEC announced delays to the application reviews for the Franklin and the GlobalX BTC-spot ETFs, testing buyer demand. Notably, the ETF community expected the SEC to push back the reviews. The consensus is the SEC wants to avoid the crypto market accusing the SEC of playing kingmaker. Approving the applications in one batch would avoid such a scenario.
In the meantime, the SEC’s Trading and Markets discussed ‘cash creates’ and in-kind structures with BTC-spot ETF applicants.
Discussion and agreement on the final structure are unlikely to cause a delay. Bloomberg Intelligence ETF Analyst Eric Balchunas expects the process to take two weeks.
Dogecoin (DOGE) Got Musked
Dogecoin (DOGE) tumbled 7.71% on Saturday before a 0.37% gain on Sunday. Despite the Saturday sell-off, DOGE ended the week up 3.34% to $0.0804.
On Saturday, investors reacted to news of SpaceX losing its Starship spacecraft while on a test flight. The spacecraft made it through hot staging before the early trigger of the automated flight termination system. The SpaceX team announced the loss of data at T + 00:11:00.
Utility has been the key to the success of DOGE and its ascent to become a bonafide top 10 crypto by market cap. Elon Musk has been instrumental in the rise of DOGE. SpaceX began accepting DOGE for payments in 2022 after Tesla (TLSA) allowed DOGE payments for merch on January 14, 2022.
News of DOGE traveling to the Moon kickstarted a breakout week for DOGE. Despite SpaceX spacecraft loss, DOGE will travel on Peregrine Mission 1 to the Moon in December 2023.
On Monday, November 20, DOGE was down 0.25% to $0.0802.
BTC held above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC break above the $37,600 resistance level would support a move to the November 9 high of $38,029.
Crypto-spot ETF-related news remains the focal point for the crypto market.
A drop below the $37,000 handle would bring the $36,400 support level into play.
The 14-Daily RSI reading of 63.92 indicates a BTC move to the November high of $38,029 before entering overbought territory.
ETH remained above the 50-day and 200-day EMAs, affirming bullish price signals.
An ETH break above the $2,021 resistance level would support a move toward the $2,143 resistance level.
However, a drop below $2,000 would support a fall to the $1,926 support level.
The 14-period Daily RSI at 59.70 suggests an ETH move to the $2,143 resistance level before entering overbought territory.