Today’s Bitcoin (BTC) News: The Market is Watching the SEC, ETF Trends, and US Inflation

Are you ready to dive into the world of cryptocurrency ETFs and Bitcoin analysis? At Extreme Investor Network, we have the latest scoop on what’s happening on Wall Street and how it could impact your portfolio.

Recently, there has been a lot of buzz surrounding the approval of a US ETH-spot ETF. While some experts remain pessimistic about its approval, others like Fox Business journalist Eleanor Terrett have discovered planned meetings between ETH-spot ETF issuers and SEC staff, giving investors hope for a potential breakthrough.

In addition to these meetings, the Consensys lawsuit against the SEC is also a crucial factor to consider. If Consensys wins the lawsuit, it could open the doors for a US ETH-spot ETF market to emerge.

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It’s worth noting the insightful comments made by SEC Commissioner Hester Peirce earlier this year. After the approval of a spot BTC ETF, Commissioner Peirce emphasized the importance of getting things right before facing criticism from the US courts. This followed a Grayscale win on appeal that led to the US BTC-spot ETF market.

Turning our attention to technical analysis, Bitcoin has been sitting below the 50-day EMA but maintaining its position above the 200-day EMA. This suggests a bearish near-term outlook but a bullish longer-term perspective for Bitcoin’s price trends.

A potential breakout above the $64,000 resistance level could propel Bitcoin towards $69,000 and eventually its all-time high of $73,808. On the other hand, a dip below the $60,365 support level could indicate further downside towards the $58,000 mark.

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With a 44.77 14-Daily RSI reading, Bitcoin may experience some volatility in the near future, potentially reaching oversold territory below $58,000. Keep an eye on US economic indicators and BTC-spot ETF flow trends to stay ahead in the cryptocurrency market.

Stay tuned for more updates and expert insights on the stock market, trading, and everything Wall Street at Extreme Investor Network. Happy investing!

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