Dec.19-Dec.25(BTC)Weekly market recap
We wish you a Merry Christmas, And a Happy New Year.
In the past week, we have seen asset management companies applying for BTC ETF assets frequently discuss with the SEC. Among them, BlackRock, Hashdex, etc. once again submitted updated revised documents. Judging from the remarks of Reuters officials, the SEC seems to want to set the last few days of 2023 as the deadline for filing application documents. This is understandable because the market believes that the window period for approval is January 10, and it is very likely that multiple asset management companies will pass at the same time. This is why the premium rate of GBTC has dropped to below 6% again today. We are getting closer to the approval of the BTC ETF.
Last week, BTC was as we expected. It did not stand above 44000, but fluctuated. Perhaps due to the impact of the Christmas holiday, the trading volume has decreased. From a time perspective, BTC may continue to fluctuate at this level until the ETF approval. We raised the resistance level to 44000 and retained the previous support level 38000.
From an indicator perspective, the ME indicator shows that BTC is maintaining a bullish trend. But the situation reflected in the WTA indicators is not ideal. We have mentioned in the previous recaps that although the price has reached a new level, whales have never appeared in groups. Relying solely on the power of retail investors, BTC can barely maintain fluctuations and cannot restart its rise.
To sum up, we believe that BTC will most likely continue to fluctuate.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
In the past week, we have seen asset management companies applying for BTC ETF assets frequently discuss with the SEC. Among them, BlackRock, Hashdex, etc. once again submitted updated revised documents. Judging from the remarks of Reuters officials, the SEC seems to want to set the last few days of 2023 as the deadline for filing application documents. This is understandable because the market believes that the window period for approval is January 10, and it is very likely that multiple asset management companies will pass at the same time. This is why the premium rate of GBTC has dropped to below 6% again today. We are getting closer to the approval of the BTC ETF.
Last week, BTC was as we expected. It did not stand above 44000, but fluctuated. Perhaps due to the impact of the Christmas holiday, the trading volume has decreased. From a time perspective, BTC may continue to fluctuate at this level until the ETF approval. We raised the resistance level to 44000 and retained the previous support level 38000.
From an indicator perspective, the ME indicator shows that BTC is maintaining a bullish trend. But the situation reflected in the WTA indicators is not ideal. We have mentioned in the previous recaps that although the price has reached a new level, whales have never appeared in groups. Relying solely on the power of retail investors, BTC can barely maintain fluctuations and cannot restart its rise.
To sum up, we believe that BTC will most likely continue to fluctuate.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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