Cryptocurrency traders keenly await the decision of the United States Securities and Exchange Commission (SEC), which is widely expected to approve one or more spot Bitcoin (BTC) exchange-traded fund (ETF) applications by Jan. 10.
What happens to Bitcoin’s price if a spot BTC ETF is approved remains the key question in the trader’s mind. Analysts remain divided, with some expecting the continuation of the rally while others anticipating a sell-off following the news.
Irrespective of the short-term price implications of the event, the ETF approval will likely be bullish for long-term investors. If one or more Bitcoin ETFs are approved, it will boost the sentiment of the entire sector and increase the hopes that eventually Ethereum ETF applications in the U.S. may also see the light of day.
Will Bitcoin and altcoins witness aggressive buying over the next few days? What are the crucial levels to watch out for? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) started a correction from 4,793 on Dec. 28, indicating that short-term traders may be booking profits.
The bears pulled the price below the 20-day exponential moving average (4,698) on Jan. 4, but the bulls have not yet given up. Buyers are trying to maintain the price above the 20-day EMA on Jan. 8. The 20-day EMA has flattened out, and the relative strength index (RSI) is just above the midpoint, suggesting a range-bound action in the near term. The index may oscillate between 4,650 and 4,793 for a while.
If the price breaks below 4,650, it will indicate the start of a deeper correction to 4,541. Buyers ar
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Author: Rakesh Upadhyay
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