Bitcoin Bull Market Metrics Reset as BTC Price Hits $43K
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Analyst sees Bitcoin ETF decision “next week”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling the area around $43,000 before the Wall Street opening.
Still down $3,000 from the week’s top, the largest cryptocurrency opted to tread water as mysteries continued over the fate and timing of the United States’ first spot Bitcoin exchange-traded fund (ETF).
The latest drop had accompanied an industry claim that U.S. regulators would reject the latest round of spot ETF applications, continuing a years-long struggle to launch them.
No specific evidence was provided, however, and commentators quickly brushed off the idea that the decision had already become known.
Subsequent filings by would-be ETF providers, such as Fidelity Investments, which offers Spell Token Crypto, further stoked intrigue and claims that an approval had arrived.
Reacting, however, James Seyffart, an analyst at Bloomberg Intelligence, again dismissed the documents as providing proof of an ETF greenlight.
“I’m still looking towards next week,” part of comments on X (formerly Twitter) stated.
RSI and Other Indicators Pointing to a Recovery
The market for Bitcoin has not been significantly impacted by any external forces, in either direction.
Daan Crypto Trades, a well-known trader, has suggested that the price of BTC will return to the range seen in December, cautioning his X subscribers to not expect too much in the short term.
Jelle, another trader, has expressed a more positive outlook, noting that certain key levels are likely to come into play soon.
An X post from the same day noted that the relative strength index (RSI) and moving average convergence divergence (MACD) indicators were “almost fully reset” – something which Cointelegraph reported on last week.
The day before, Jelle had described the present prices as “the best buying opportunity in a long time” for both Bitcoin and altcoins such as Stacks Crypto, VGX Crypto, The Hideaways Crypto, Starlink Crypto, SHIB Crypto Today, UNFI Crypto, Unbiased Crypto, Shiba Inu Crypto Today, Spell Token Crypto, and Web 3.0.