Bitcoin
Bitcoin (BTC) News Today: BTC Below $67K Amid ETF Outflows, Fed Uncertainty
The SEC considers BTC to be a commodity. However, the favorable results for the SEC vs. cryptocurrencies could drive buyer demand for BTC and the broader crypto market. The court rulings could pave the way for a more transparent crypto regulatory landscape.
Market sentiment regarding US prospects ETHThe spot ETF market improved on Saturday. ETH advanced 2.54% on Saturday, ending the session at $3,568.
SEC Approvals for US ETH-Spot ETF Boost Buyer Demand for ETH
On Friday (June 14), Bloomberg Intelligence senior ETF analyst Eric Balchunas offered a positive outlook for US ETH spot ETFs, saying,
“UPDATE: We are pushing back our over/under date for the Ether spot ETF launch to July 2nd, listening to the team send comments to issuers on S-1s today, and they are pretty light, nothing major, asking for them back a week. Good chance they’ll work to declare them effective next week and get them off your hands come holiday week. Anything possible, but this is our best guess as of now.”
Bloomberg Intelligence’s senior ETF analyst brought approval day forward to July 4th. Balchunas too he said ETFs typically go live the day after the SEC approves S-1 forms.
Technical analysis
Bitcoin Analysis
Bitcoin remained below 50 days EMA remaining above the 200-day EMA, confirming price trends that are downward in the short term but upward in the long term.
A BTC break above the 50-day EMA could give bulls a run at the $69,000 resistance level. A break of the $69,000 resistance level could bring the all-time high of $73,808 into play.
SEC activity, conversations related to SEC vs. Cryptocurrency and sentiment regarding the Fed rate trajectory require consideration.
On the other hand, a BTC drop to $65,000 could signal a drop below the $64,000 support level.
With a 14-day RSI reading of 42.94, BTC could fall below the $64,000 support level before entering oversold territory.