The SEC considers BTC a commodity. However, favorable outcomes to SEC vs. crypto cases could drive buyer demand for BTC and the broader crypto market. Court rulings could pave the way for a more transparent crypto regulatory landscape.
Market sentiment toward the prospects of a US ETH-spot ETF market improved on Saturday. ETH advanced by 2.54% on Saturday, ending the session at $3,568.
SEC Approvals for US ETH-Spot ETF Drive Buyer Demand for ETH
On Friday (June 14), Bloomberg Intelligence Senior ETF Analyst Eric Balchunas delivered a positive outlook for US ETH-spot ETFs, saying,
“UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they’re pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next week and get it off their plate bf holiday wknd. Anything poss but this is our best guess as of now.”
The Bloomberg Intelligence Senior ETF analyst brought the approval day forward from July 4. Balchunas also said the ETFs normally go live one day after the SEC approves the S-1 forms.
Technical Analysis
Bitcoin Analysis
BTC remained below the 50-day EMA while holding above the 200-day EMA, confirming bearish near-term but bullish longer-term price trends.
A BTC break above the 50-day EMA could give the bulls a run at the $69,000 resistance level. A breakout from the $69,000 resistance level could bring the $73,808 all-time high into play.
SEC activity, SEC vs. crypto case-related chatter, and sentiment toward the Fed rate path require consideration.
Conversely, a BTC fall through $65,000 could signal a drop below the $64,000 support level.
With a 42.94 14-Daily RSI reading, BTC could drop below the $64,000 support level before entering oversold territory.
