SEC Sets Deadline for Spot Bitcoin ETF Filing, Expected Impact on Bitcoin Price

By Crypto Gloom On Dec 26, 2023

The SEC’s ultimatum requires BTC ETF applicants to complete their filings by December 29. Otherwise, there is a risk of missing out on the initial wave of acceptances expected by January 10 that will shape the cryptocurrency market for 2024.
Bitcoin price is hovering around $43,530 and facing resistance at $44,000. RSI and MACD indicators indicate a sideways trend until news of ETF approval comes out by the end of the year.

SEC’s Ultimatum: Spot Bitcoin ETF Filings Must Meet New Deadline

Securities and Exchange Commission (secretary) recently held discussions with representatives of 12 Bitcoin exchange-traded fund (ETF) applicants. At least two of these issuers have been urged to update their filings before the end of the year, setting a critical deadline of December 29.

This deadline has huge implications as those who fail to comply will miss out on initial approval expected by January 10, potentially changing the landscape of the cryptocurrency market in the coming years.

Bitcoin price stagnates amid ETF expectations

Bitcoin price has been trading sideways for the past week and appears to be stuck at $43,530 as the market eagerly awaits a ruling on the approval of the Bitcoin ETF. The inability to breach the $44,000 resistance level, which marks this year’s high, indicates near-term bullish potential if this threshold is crossed.

However, market indicators are currently showing a bit bearish, especially Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). These indicators suggest a continued sideways move below the psychological barrier of $44,000 until the spot BTC ETF approval date approaches.

Also Read: Bitcoin ETF Risk: Coinbase Reveals Unexpected Problems

Key points:

Spot Bitcoin ETF Deadline: The SEC has a December 29 deadline for filing spot BTC ETFs, which could impact the first wave of approvals expected on January 10.

Bitcoin Price Status: Bitcoin, which is hovering around $43,530, faces resistance at $44,000. RSI and MACD signals suggest a sideways trend until news of ETF approval comes out.