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Bitcoin, Ethereum, XRP, Dogecoin Spike As Iran’s New Leader Signals Continued Hormuz Strait Closure: Analyst Rules Out BTC’s Bullish Reversal Scenario Benzinga
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The recent technical picture for Bitcoin presents a tug-of-war between short-term momentum and macro necessity. While the bulls are aggressively defending support and pushing toward the $117,000 resistance area, the yet-to-be-filled CME gap hangs over the market. This historical pattern suggests that although the price action is bullish, a mandatory downside move may be required to reset the chart before the target can truly be breached.
Gap-Filling Before The Next Big Rally
Ezy Bitcoin, in a recent short-term market outlook shared on X, explained that Bitcoin may need to close an existing gap before it can build momentum for its next major rally. However, such a move should not be seen as a weakness but rather as a healthy reset, one that could set the stage for a stronger push upward.
He referenced the Bitcoin CME Futures chart, where the CrossX indicator highlights unfilled gaps that often act like magnets for price action. Historically, Bitcoin has shown a tendency to revisit these areas before resuming its climb, making them a key part of the near-term structure.
Over the last five months, Ezy Bitcoin has noted every single gap has been filled, while maintaining a flawless 100% success rate. This consistency adds weight to the likelihood of a short-term retracement before another rally begins, reinforcing his expectation that the pattern will hold.
With that in mind, he concluded that a minor pullback could create a valuable opportunity to accumulate more Bitcoin. Rather than fearing a dip, traders and investors might see it as an entry point before the next strong upward move.
Bitcoin Bulls Eye Recovery Momentum Despite Market Pressure
According to the latest update from Crypto VIP Signal, Bitcoin demonstrated a rapid recovery after experiencing a sharp drop. The price briefly fell below the $113,000 mark but quickly managed to bounce back. This swift bounce from this level signals that buyers remain active and willing to step in at key zones, preventing any deeper correction for now.
Currently, the price is moving upward again, and the immediate challenge is defined by a narrow resistance zone between $114,600 and $114,800. This range is acting as a local ceiling where selling pressure is likely to be concentrated. Overcoming this level is crucial for the continuation of the bullish move.
Looking ahead, Crypto VIP Signal emphasized that a successful breakout above the $114,600–$114,800 resistance will open up the path to significantly higher targets between the $116,000 and $117,000 area. A move into this range would solidify the positive momentum and confirm that the recent drop was merely a brief shakeout, allowing the rally to continue.
]]>Dogecoin Price Prediction: Meme Season on the Edge of Closure as PayFi Becomes the Next Big Thing Live Bitcoin News
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The US SEC is therefore expected to review Grayscale’s application to convert its GBTC to a spot Bitcoin ETF without prejudice.
As the Bitcoin (BTC) price crossed a crucial resistance zone between $31k and 32k in the past 24 hours, the United States Securities and Exchange Commission (SEC) began its preparations to review for the second time the application by Grayscale Investments to convert its Grayscale Bitcoin Trust (GBTC) to a spot exchange-traded fund (ETF). On October 23, the United States Court of Appeals for the District of Columbia Circuit officially closed the case between the Grayscale and the SEC, hence paving the way for a fresh review process that could lead to an imminent approval. Moreover, the US SEC could have already depleted its reasoning to deny a spot in Bitcoin ETF as seen by notable preparation by fund managers.
Notably, Grayscale is seeking to convert its $17 billion GBTC to a spot Bitcoin ETF in an attempt to attract more institutional investors seeking to tap into digital assets in a regulated and liquid market. However, some market analysts have warned that Bitcoin prices could drop further as more institutional investors seek out more avenues to liquidate their Bitcoin holdings into the secondary market. Nonetheless, more investors are expected to enter the digital asset industry as there is always a ready buyer with a willing seller in the Bitcoin market.
“The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC to an ETF. GBTC is operationally ready, and we intend to move as expeditiously as possible on behalf of our investors,” Graysacle’s spokeswoman Jennifer Rosenthal said in a statement after Monday’s conclusion of the case.
Bitcoin ETF Frenzy and Grayscale vs SEC Case
Since the onset of the crypto bear market in late 2021, Grayscale Investments and its parent company Digital Currency Group have been embroiled in several controversial cases fueled by the FTX and Alameda Research implosion. However, the August 29 ruling on Grayscale vs SEC significantly increased the future growth prospects for the digital asset-focused company amid the mainstream adoption of blockchain technology and crypto assets.
Moreover, the United States SEC did not appeal the ruling, which raised the possibility of a spot Bitcoin ETF in the next few months. Moreover, BlackRock Inc (NYSE: BLK) has been making strategic investments in Bitcoin-related firms like MicroStrategy Inc (NASDAQ: MSTR) and mining companies.
The Bitcoin spot ETF frenzy has significantly rejuvenated the crypto bullish outlook as FOMO traders speculate on the potential approval. Furthermore, experts believe billions of dollars will flow into the Bitcoin and crypto market in the subsequent months after the SEC approves an ETF. However, some experts have warned that Bitcoin will be weaponized just like the US dollar in global geopolitics after the ETF approval.
Crypto Market News: Bitcoin and US stock prices edged higher on Friday as reports emerge about the closure of the much anticipated debt ceiling deal. According to reports, the deal announcement is just around the corner as the White House and Congressional negotiators agree on a compromise in terms of government spending. Earlier, CoinGape reported that the deal announcement could come anytime on Friday afternoon, as per hints from Republican Kevin Hern. Meanwhile, the Nasdaq and S&P 500 Indices rose by 1.23% and 0.89% respectively.
Also Read: US PCE Core Inflation Comes In More Than Expected For April
Debt Ceiling Deal: The Details
CNBC reported that House Republicans would in return get their spending cut demand fulfilled for the debt ceiling agreement. Among the spending cuts could be baseline federal spending in 2024 along with Internal Revenue Service allocations. In another revelation, Mario Nawfal’s tweet said negotiators agreed on a 3% increase in defense spending. He also said that key negotiators, which could also include top White House officials and top Republicans, had already agreed for the deal ‘in-principle’ on Thursday itself.
“Sources with direct contact with the speaker’s office confirmed that some information will be made public over the next couple of hours.”
The deal announcement will reportedly be made over a press conference later on Friday. Therefore, a relief rally can be expected in the aftermath of the deal confirmation, setting the stage for Bitcoin price volatility ahead of the June 14 Federal Open Market Committee (FOMC) meeting.
Also Read: Fed Expected To Raise Interest Rate Despite Debt Ceiling Uncertainty
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Signature Bank News: After former member of the U.S. House of Representatives Barney Frank said Signature Bank was targeted due to its links with the crypto market, there is a counter argument to it. On Monday, Frank said part of the reason behind seizure of the bank was meant by regulators as a very strong anti-crypto message. The bank was shut down in what was the third largest bank failure in the history of the United States. This came immediately after the sudden collapse of the Silicon Valley Bank.
Also Read: Silicon Valley Bank Now Under Investigation By U.S. SEC & Department Of Justice
Frank said regulators held a hidden agenda against crypto related banks and that the Signature Bank closure did not have any compelling reason to justify. The failure of Silicon Valley Bank and Signature Bank led to massive sell off in the US banking stocks, to the extent of forcing a halt in bank stocks for trading.
Crisis Confidence
As per the latest Bloomberg report, the New York State Department of Financial Services (NYSDFS) shut down Signature Bank over the weekend after a crisis of confidence in management. The report quoted New York officials as saying,
“The bank failed to provide reliable and consistent data, creating a crisis of confidence in the bank’s leadership. The decision to take possession of the bank and hand it over to the FDIC was based on the current status of the bank and its ability to do business in a safe and sound manner on Monday.”
On the other side, JP Morgan warned investors to be cautious towards US and European equities after the Silicon Valley Bank collapse. Meanwhile, the crypto market is on a bullish momentum with Bitcoin price breaching the key $26,000 milestone since June 2022. In the last 24 hours, the global crypto market value went up by about 6%.
Also Read: Circle Accessed USDC Reserves In SVB Account, CEO Confirms
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.