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The Security and Exchange Commission (SEC) has officially classified BTC as a commodity, paving the way for potential positive outcomes in SEC vs. cryptocurrency cases. These favorable rulings could drive buyer demand for BTC and the overall crypto market, leading to a more transparent regulatory landscape for digital assets.
In other exciting news, market sentiment is on the rise for a potential US ETH-spot ETF market. On Saturday, ETH saw a 2.54% increase, closing the session at $3,568. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared a positive outlook for US ETH-spot ETFs, hinting at a possible launch date as early as July 2nd. Balchunas’ insights suggest that once the SEC approves the necessary S-1 forms, the ETFs could go live shortly after.
When it comes to technical analysis, BTC is currently below the 50-day EMA but above the 200-day EMA, indicating a bearish near-term yet bullish longer-term price trend. A breakthrough above the 50-day EMA could lead the bulls to challenge the $69,000 resistance level, potentially reaching the all-time high of $73,808. Keep an eye on SEC activities, discussions on SEC vs. crypto cases, and market sentiment towards the Federal Reserve’s rate path for further insights.
However, a BTC drop below $65,000 may signal a decline below the $64,000 support level. With a 42.94 14-Daily RSI reading, BTC could potentially dip below the support level before entering oversold territory, presenting a key area for investors to monitor.
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