Bitcoin Price Prediction as BTC Falls After ETH ETF Approval – Here’s the Next Level to Watch

Last updated: May 25, 2024 06:13 EDT | 4 minutes of reading

Bitcoin Price Prediction

As Bitcoin falls following SEC approval of ether ETFs, market analysts are closely monitoring the next key levels. The Bitcoin price prediction indicates a potential uptrend, with BTC/USD currently trading at $69,042.

This update explores key support and resistance levels, providing insights into Bitcoin’s future movements amid the changing regulatory landscape.

SEC approves rule change for Ether ETFs

The SEC approved a rule change to allow the creation of exchange-traded funds (ETFs) that invest in ether, one of the largest cryptocurrencies. This decision follows the recent success of bitcoin ETFs, which have seen net inflows exceeding $12 billion. The approval comes at the right time, aligning with the SEC’s deadline for the VanEck Ethereum ETF decision.

Companies that sponsor bitcoin ETFs, such as BlackRock, Bitwise, and Galaxy Digital, are also beginning the process of launching ether ETFs. However, the SEC’s rule change does not guarantee immediate launches, as it only approves exchanges’ requests to list eight different Ether funds. Actual release dates remain unclear.

Key points:

• Ether prices rose 2% following the SEC decision, following a 20% increase earlier in the week.
• The SEC order approves the listing of eight Ether funds, but does not set launch dates.
• Initial ether ETFs are expected to be smaller than bitcoin ETFs, with the Grayscale Ethereum Trust holding around $11 billion in assets.

The approval suggests a potential easing of the SEC’s stance on cryptocurrencies, especially following the agency’s loss in a lawsuit against Grayscale in 2023. This legal outcome paved the way for the approval of bitcoin ETFs and now ether ETFs . Despite this progress, the SEC’s regulatory approach toward cryptocurrencies remains under political scrutiny.

Ether, the second-largest cryptocurrency, underpins the Ethereum network, which facilitates decentralized finance (DeFi) projects, non-fungible tokens (NFTs), and asset tokenization. However, new ether ETFs in the US may exclude staking, as the SEC views staking-as-a-service offerings as unregistered securities. This exclusion could reduce the attractiveness of ether ETFs compared to bitcoin ETFs.

Richard Kerr of K&L Gates highlighted that the approval does not apply to other crypto projects on the Ethereum network. Steven Lubka of Swan Bitcoin pointed out that ether ETFs may experience lower demand due to structural differences such as a lack of staking options.

The approval of ether ETFs marks a notable development in the regulatory landscape for cryptocurrencies, signifying the increasing integration of digital assets into mainstream financial products.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is trading at $69,042, showing a modest increase of 0.45% signaling a rally Bitcoin Price Prediction. The pivot point, marked by the green line, is at $68,514, serving as a crucial level for the direction of the trend. Immediate resistance levels are seen at $70,029, followed by $71,458 and $73,299.

On the downside, support levels are at $66,394, $64,947, and $63,490. The Relative Strength Index (RSI) is at 48.93, indicating neutral momentum, while the 50-day Exponential Moving Average (EMA) is at $67,860, providing significant support.

Bitcoin Price Prediction

The price is reinforced by an ascending trendline near the $69,000 level. The formation of a series of doji candles above this level suggests possible buying trends above $68,500.

Both the RSI and EMA support the likelihood of a continued uptrend. Traders should watch for a break above immediate resistance at $70,029 to confirm further upward movement.

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Crypto experts are eagerly buying this exciting AI cryptocurrency. Michael Wrubel, a widely followed crypto analyst with over 312,000 YouTube subscribers, rates WAI as one of the top cryptocurrencies for 2024.

Interested investors need to act quickly as WAI’s price will increase when the pre-sale reaches $3 million. The current price is $0.00071, giving WAI a market cap of less than $50 million. If WAI achieves market leadership, early investors could realize significant gains, with the potential for returns of 100x or more.

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Disclaimer: the text above is an advertising article that is not part of the Cryptonews. with editorial content.

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